- Goldman Sachs analyst Toshiya Hari upgraded Seagate Technology Holdings PLC STX to Neutral from Sell with a price target of $98, up from $85, implying a 5.6% upside.
- The stock is up 85% since being added to America's Sell List in 2018, Hari said.
- Hari believes he underestimated the company's ability to gain share in nearline HDD, the pace at which gross margins would recover, and the expansion in STX's multiple.
- He added, however, that Seagate shares now trade at 11.5x expected next-12-months earnings, which is above the 3-year median multiple of 10.7x.
- Price Action: STX shares traded lower by 2.56% at $91.72 on the last check Thursday.
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