BofA Lifts Seagate Technology (STX) PT to $145 Following BofA Global Technology Conference

Seagate Technology Holdings (NASDAQ:STX) is one of the 8 Best Inexpensive Stocks to Buy Right Now. On June 9, Bank of America raised its price target for Seagate to $145 from $135, while maintaining a Buy rating on the stock. This optimism follows the 2025 BofA Global Technology Conference, where the analyst gained a more bullish outlook on the Hard Disk Drive/HDD industry.

BofA anticipates that rising hyperscaler demand will outpace Exabyte production growth in the upcoming quarters, which suggests a favorable environment for Seagate and the broader HDD sector. In FQ3 2025, the company reported revenue of $2.16 billion for the quarter, which was a 31% year-on-year increase. Hard Drive Revenue alone was $2 billion.

BofA Lifts Seagate Technology (STX) PT to $145 Following BofA Global Technology Conference

A technician configuring a network-attached storage drive.

The company achieved its eighth consecutive quarter of gross margin expansion in FQ3 and recorded its third-highest operating margin in history. Seagate’s advanced HAMR-based Mozaic drives, which are the industry’s only 3 terabyte per disk products, are now ramping up volume to qualified customers. The company has strong demand visibility extending into H1 2026, with new build-to-order agreements currently under negotiation.

Seagate Technology Holdings (NASDAQ:STX) provides data storage technology and infrastructure solutions internationally. It sells its products primarily to OEMs, distributors, and retailers.

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Disclosure: None. This article is originally published at Insider Monkey.