BNP Paribas Upgrades Seagate Technology, Shares Rise 2.9%

Seagate Technology (STX) has been upgraded by BNP Paribas to Outperform, boosting its premarket trading by 2.9%. The upgrade is based on strong data center storage demand, which is expected to drive a prolonged upcycle. Analyst Karl Ackerman raised the price target to $380, highlighting a projected 25% compound annual growth in the hard-disk drive market through 2028, fueled by expanding AI infrastructure. Seagate and Western Digital (WDC) are positioned to benefit from disciplined capital investments and sustained profitability in this duopoly market.