Seagate Price Target Raised to $500, Shares Fall 4% on Geopolitical Risk
Bernstein boosted Seagate’s price target to $500 from $370 after fiscal Q2 results beat forecasts with $3.11 adjusted EPS, strong margins and revenue. Separately, shares slid about 4% on geopolitical tensions affecting semiconductor markets.
1. Bernstein Raises Seagate Price Target
Bernstein increased Seagate’s price target from $370 to $500 and maintained an Outperform rating after fiscal second-quarter results exceeded revenue, margin and adjusted EPS forecasts by delivering $3.11 per share.
2. HAMR Technology Accelerates Cost Savings
Seagate’s HAMR technology delivered more rapid and substantial cost reductions than expected, while average selling prices stayed above estimates and supply discipline locked in volumes through calendar 2026.
3. Geopolitical Tensions Weigh on Shares
Shares slid roughly 4% after geopolitical tensions in the Middle East rattled semiconductor markets, prompting a broad sector pullback despite Seagate’s robust operational performance.