Seagate (STX) is Enjoying the Current Environment, Says Jim Cramer

We recently published Jim Cramer Commented On Big Market Confusion & Discussed These 20 Stocks. Seagate Technology Holdings (NASDAQ:STX) is one of the stocks discussed by Jim Cramer.

Seagate Technology Holdings (NASDAQ:STX) is another memory manufacturer whose shares have performed well over the past year. They are up by 681% over the past year and 152% year-to-date. Bank of America, while commenting on Seagate Technology Holdings (NASDAQ:STX) on April 20th, outlined that the firm could benefit from tailwinds through data center spending even though its other markets were struggling. Morgan Stanley had discussed the shares on April 6th. It raised the share price target to $468 from $582 and kept an Overweight rating. The bank remarked that Seagate Technology Holdings (NASDAQ:STX) could benefit from a robust demand for hard disk drives, with shortages expected to continue through 2028. Morgan Stanley added that strong price per terabyte trends could benefit Seagate Technology Holdings (NASDAQ:STX)’s margins. Cramer remarked that memory companies were basking in a tight market:

“Look I was on that Seagate call, they’re not even spending that much money, they’re enjoying the tightness. Sandisk is enjoying the tightness.”

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