Citi Raises Seagate Price Target to $480 on Durable AI-Driven Demand
Citi reaffirmed 'Buy' on Seagate and raised its price target from $460 to $480 after investor meetings highlighting durable demand driven by enterprise AI workload expansions. Seagate projects Q3 revenue of $2.90 billion ± $0.10 billion and reported Q2 revenue of $2.83 billion with $3.11 adjusted EPS, outperforming estimates.
1. Citi Raises Price Target
Citi reaffirmed its 'Buy' rating on Seagate and boosted the price target from $460 to $480 following investor meetings that underscored durable demand from enterprise customers expanding AI workloads.
2. Q3 Financial Outlook
Seagate projects third-quarter revenue of $2.90 billion ± $0.10 billion, surpassing the $2.77 billion consensus, and forecasts adjusted EPS of $3.40 ± $0.20 versus $2.96 estimated.
3. Q2 Performance and AI Demand
In Q2, Seagate delivered $2.83 billion in revenue and $3.11 adjusted EPS, with management citing accelerated demand for high-capacity storage driven by AI data center expansions.