Seagate Shares Rallied 19% Today - How Much More Upside Does The Street See?

• Morgan Stanley raised the price target on Seagate to $468 from $372 while keeping an 'Overweight' rating on the shares, according to TheFly. 
• Mizuho raised its price target on the company to $440 from $400 with an 'Outperform' rating on the shares, citing the strong results. 
• On Tuesday, Seagate posted Q2 revenue of $2.8 billion, about 21.5% higher year-on-year, and above analyst estimates of $2.71 billion.

Shares of Seagate Technology Holdings (STX) rallied over 19% on Wednesday after the company's second-quarter (Q2) 2026 results reported on Jan. 27 beat market expectations.

The data storage company also received a slew of price target updates from Wall Street analysts, reiterating optimism on the company.

Morgan Stanley raised the price target on Seagate to $468 from $372 while keeping an 'Overweight' rating on the shares, according to TheFly. Mizuho raised its price target on the company to $440 from $400 with an 'Outperform' rating on the shares, citing the strong results.

Goldman Sachs, UBS, and Wells Fargo were among other analysts who have revised their targets on Seagate upwards.

Street Consensus

Morgan Stanley said the higher target on Seagate comes from demand strength, widening customer visibility, better price per terrabyte growth, and operating margin expansion exceeding expectations.

Goldman Sachs analyst James Schneider raised its price target on Seagate to $385 from $310 with a 'Buy' rating, citing strong quarterly results, upbeat guidance, and positive forward commentary. The analyst said it sees peak earnings potential, benefiting from constrained capacity and firm pricing trends.

Meanwhile, Cantor Fitzgerald analyst C.J. Muse increased the company's price target to $500 from $400 with an 'Overweight' rating. The revised target represents an upside of about 13% from the current price levels. STX shares were trading around $443.76 at the time of writing.

The improving pricing environment and rising margins underpin a rapidly strengthening free cash flow outlook, supporting debt reduction, dividend growth, and increased share repurchases, Cantor said.

In the table below is a summary of all recent price target updates on Seagate, as seen on TheFly. 

Q2 Earnings

Seagate posted Q2 revenue of $2.8 billion, about 21.5% higher year-on-year, and above analyst estimates of $2.71 billion, as per Fiscal data.

The company reported earnings per share (EPS) of $3.11 for the quarter, a jump of about 53% from the previous year, and above analyst expectations of $2.79.

Seagate also provided guidance for the next quarter, stating it expects revenue of $2.9 billion, plus or minus $100 million, and a diluted EPS of $3.40, plus or minus $0.20.

How Did Stocktwits Users React?

On Stocktwits, retail sentiment around STX shares jumped to 'extremely bullish' from 'bullish' territory over the past 24 hours. Meanwhile, message volumes jumped to 'extremely high' from 'high' levels a day ago.

One bullish user said institutions don't rush in with purchases, and advised retail to not miss out on the early entry.

Shares of STX have risen by over 339% in the past year.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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