BoA Strategist Sees 5.6% Median Move As Analysts Boost Seagate Target
Bank of America strategist Raphael Cyna noted a shift from downside hedges to upside bets as single-stock options priced median 5.6% moves ahead of earnings. Bank of America analysts raised Seagate Technology’s target to $605 (from $450) and lifted fiscal 2026 revenue to $11.7 billion and EPS to $13.65.
1. Options Market Shift to Upside Bets
Bank of America strategist Raphael Cyna observed that options traders have moved from hedging downside risk to targeting upside exposure, driven by easing energy-related tensions and a V-shaped rebound that pushed implied volatility back to pre-conflict levels. Data shows single-stock options on major names now reflect a median expected move of 5.6% into earnings, fueling demand for dispersion strategies over index protection.
2. Seagate Price Target Hike by Bank of America
Bank of America equity analysts raised Seagate Technology’s price target to $605 from $450, reflecting stronger confidence in data center demand and margin expansion prospects. They forecast fiscal 2026 revenue of $11.7 billion (up from $11.4 billion) and EPS of $13.65 (versus $12.97), and expect fiscal Q3 revenue of $3.02 billion and EPS of $3.70, all above consensus.