Seagate gains after UBS upgrades on growth prospects

Aug. 16, 2021 9:17 AM ETSeagate Technology Holdings plc (STX), WDCMUBy: Joshua Fineman, SA News Editor6 Comments

Seagate Technology PLC headquarters in Silicon Valley
Sundry Photography/iStock Editorial via Getty Images

  • Seagate Technology (NASDAQ:STX) rose 1.2% in premarket trading after UBS upgraded to buy from neutral saying the company is likely to benefit from the "structural changes" in the HDD segment.
  • PT raised to $105 from $83 by UBS analyst Timothy Arcuri. He lowers Western Digital (NASDAQ:WDC) PT to $66 from $72, citing cyclical and structural NAND issues. WDC remains neutral.
  • Arcuri writes that the "explosive growth" in data storage requirements has led customers to engage in more longer-term supply/pricing deals.
  • Western Digital fell 0.7%.
  • Last week, Micron stock dips after Morgan Stanley downgrade on coming memory downturn.
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