What Happened?
Shares of data storage manufacturer Seagate (NASDAQ: STX) jumped 2.5% in the afternoon session after analysts at Citigroup and Evercore ISI raised their price targets on the company's stock. Citigroup analyst Asiya Merchant maintained a 'Buy' rating while increasing the price target to $250 from $215. Separately, Evercore ISI also kept its 'Outperform' rating but adjusted its price target significantly higher, moving it to $330 from $160. These actions from the financial analysts signaled continued optimism about Seagate Technology's market performance.
The shares closed the day at $219.52, up 2.4% from previous close.
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What Is The Market Telling Us
Seagate Technology’s shares are quite volatile and have had 16 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 3 days ago when the stock dropped 3.4% as the threat of a 'massive increase' in tariffs on Chinese goods by President Donald Trump, reignited fears of a trade war. In a social media post, Trump described China as becoming 'hostile,' sending a ripple of concern through the market. The semiconductor sector, which relies heavily on global supply chains and sales in China, was hit particularly hard. The Philadelphia SE Semiconductor index dropped 3.4% following the announcement. This development adds to existing tensions, including Beijing's recent expansion of export controls on rare earths and an antitrust probe into Qualcomm's acquisition of Autotalks. Investors demonstrated caution as the prospect of escalating trade disputes between the world's two largest economies could disrupt production and demand for chipmakers.
Seagate Technology is up 154% since the beginning of the year, but at $219.30 per share, it is still trading 14.6% below its 52-week high of $256.84 from September 2025. Investors who bought $1,000 worth of Seagate Technology’s shares 5 years ago would now be looking at an investment worth $4,285.
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