European Investor
29 Jun 2026, 15:07
Seagate Technology Stock Rises as Melius Research Initiates Coverage with Buy Rating
Seagate Technology (NASDAQ: STX) shares climbed about 2.6% on Monday after Melius Research initiated coverage of the data storage company with a Buy rating and a $1,600 price target, highlighting strong long-term growth potential.
The bullish initiation reflects optimism that Seagate is well positioned to benefit from the rapid expansion of artificial intelligence infrastructure, which is driving increasing demand for high-capacity data storage solutions. As hyperscale cloud providers and AI developers continue investing in data centers, demand for enterprise hard disk drives is expected to remain robust.
Investors have become increasingly optimistic about Seagate's role in supporting AI workloads, particularly as next-generation storage solutions are needed to manage the growing volume of data generated by artificial intelligence applications.
The analyst action also comes amid broader strength across technology stocks, with easing geopolitical tensions between the United States and Iran improving market sentiment and encouraging investors to rotate into growth-oriented sectors.
At the time of writing, Seagate shares were up approximately 2.6% to $920, as investors responded positively to the new Buy recommendation and the firm's optimistic long-term outlook.
Seagate Technology (NASDAQ: STX) shares climbed about 2.6% on Monday after Melius Research initiated coverage of the data storage company with a Buy rating and a $1,600 price target, highlighting strong long-term growth potential.
The bullish initiation reflects optimism that Seagate is well positioned to benefit from the rapid expansion of artificial intelligence infrastructure, which is driving increasing demand for high-capacity data storage solutions. As hyperscale cloud providers and AI developers continue investing in data centers, demand for enterprise hard disk drives is expected to remain robust.
Investors have become increasingly optimistic about Seagate's role in supporting AI workloads, particularly as next-generation storage solutions are needed to manage the growing volume of data generated by artificial intelligence applications.
The analyst action also comes amid broader strength across technology stocks, with easing geopolitical tensions between the United States and Iran improving market sentiment and encouraging investors to rotate into growth-oriented sectors.
At the time of writing, Seagate shares were up approximately 2.6% to $920, as investors responded positively to the new Buy recommendation and the firm's optimistic long-term outlook.
