Seagate (STX) Stock at All-Time High: Three Analysts Just Raised Their Targets

TLDR

• Seagate (STX) hit an all-time high of $843.28 on May 26, 2026, up over 630% in the past year.
• BofA Securities raised its price target to $900 from $840, maintaining a Buy rating after a CEO client call.
• Evercore ISI set a $1,000 price target, citing HAMR technology and capacity improvements.
• Seagate’s Mozaic 3 is now qualified at all planned cloud providers, with two customers on Mozaic 4.
• 18 analysts have revised earnings estimates upward; cloud now makes up roughly 65% of Seagate’s business.

Seagate Technology (STX) stock reached an all-time high of $843.28 on May 26, 2026, capping a run that few saw coming. The stock is up more than 630% over the past twelve months.

Seagate Technology Holdings plc, STX

The move puts STX in rare territory. With a market cap of $187.45 billion and a P/E ratio of 77.42, the stock is trading at a premium — and at least one valuation model is waving a flag. InvestingPro pegs fair value at $591.01, suggesting the stock may be stretched at current levels.

Still, Wall Street isn’t backing off. BofA Securities raised its price target to $900 from $840 Monday morning, keeping its Buy rating intact. The firm hosted a call with CEO Dr. Dave Mosley and came away bullish on the storage demand backdrop.

BofA’s new target is based on 31 times calendar 2027 estimated EPS of $29.28, up from a prior multiple of 29 times. The firm raised the multiple on stronger conviction around demand sustainability and pricing power.

Analyst Targets Keep Climbing

BofA isn’t alone. Evercore ISI lifted its target to $1,000 from $750, pointing to Seagate’s push into HAMR (Heat-Assisted Magnetic Recording) technology as the key driver of future capacity gains. Rosenblatt matched that $1,000 target. TD Cowen went to $850 from $500, citing a meaningful shift in Seagate’s business mix.

Cloud now accounts for roughly 65% of Seagate’s revenue, up from a much lower base. That shift has changed the conversation around the company’s pricing power and margin profile.

Demand is coming from multiple directions. BofA flagged growth from video, unstructured data, robotics, and the need for data snapshots and redundancy. Traditional enterprise datacenters and edge applications are also picking up.

Revenue grew 29% over the last twelve months. Third-quarter results beat expectations, and fourth-quarter guidance came in above both BofA and Street estimates. Dollars per terabyte rose 6% year-over-year and quarter-over-quarter.

HAMR Progress and What’s Next

On the technology side, Seagate has fully qualified its Mozaic 3 drives across all planned cloud service providers. Two customers are now qualified on the next-generation Mozaic 4 platform.

HAMR is central to Seagate’s long-term case. It allows for dramatically higher storage density per drive — a key advantage as hyperscalers look to manage data center costs while handling exponential data growth.

Seagate also recently entered into exchange agreements involving $185.9 million of its 3.50% Exchangeable Senior Notes due 2028, swapping them for cash and ordinary STX stock.

18 analysts have revised their earnings estimates upward ahead of the next reporting period, according to InvestingPro data. The company carries a “GREAT” financial health score of 3.39.

STX was trading around $833.37, up roughly 2.54% on the day, as of the latest available data.

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