BofA Reaffirms Buy Rating for Seagate Technology Holdings (STX)

Seagate Technology Holdings plc (NASDAQ:STX) is one of BlackRock’s 30 most important AI stocks right now.

BlackRock is the largest institutional investor in the company, holding 6.37% or 14.27 million of outstanding shares, as per the filings on March 31.

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As of July 2 closing, the stock carried a strongly bullish consensus sentiment. It received Buy ratings from 15 out of the 19 analysts who provided coverage. Based on a median 1-year target price of $966.67, it offers an upside of around 18% at the current level.

On July 1, Wamsi Mohan from Bank of America Securities increased the price target on Seagate Technology Holdings plc (NASDAQ:STX) from $1,000 to $1,150. The analyst kept his Buy rating on the stock, noting that the vast majority of Seagate’s nearline HDD volume is under build-to-order contracts.

Mohan anticipates that Seagate will raise prices when these contracts are put up for renewal. He also highlighted that the hard disk drive space has become more systematic about integrating extra exabyte capacity, without having to add unit capacity.

On June 29, Cantor Fitzgerald also increased the firm’s target price on Seagate Technology Holdings plc (NASDAQ:STX) from $1,000 to $1,300. The firm maintained an Overweight rating on the stock.

Seagate Technology Holdings plc (NASDAQ:STX) offers data storage technology and infrastructure solutions. Its product line includes mass capacity storage products, external storage, desktop, notebook hard drives, as well as modular hardware and software.

While we acknowledge the risk and potential of STX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than STX and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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