Benzinga | Jan 27, 2022 10:42AM EST

Analysts Lift Seagate Price Target Post Q2 Earnings

Analysts raised their price targets on Seagate Technology Holdings PLC (NASDAQ:STX) following its Q2 beat and Q3 outlook.

* Citi analyst Jim Suva raised the price target on Seagate to $105 from $100 and reiterated a Neutral rating on the shares.

* Seagate continues to create and store value for its shareholders with a 1% beat on sales and a 2% beat on earnings in Q2, Suva notes.

* Wells Fargo analyst Aaron Rakers raised the price target to $110 from $90 and maintained an Equal Weight rating on the shares.

* The analyst notes that Seagate reported Q2 results in line with guidance and increased its revenue growth expectation for 2022.

* Deutsche Bank analyst Sidney Ho raised the price target on Seagate to $110 from $100 and maintained a Hold rating on the shares.

* The analyst came away from the company's fiscal Q2 earnings more positive on its revenue growth opportunity for 2022.

* However, Ho believes the stock's risk/reward is relatively balanced at current levels and waits for a better entry point.

* Benchmark analyst Mark Miller raised the firm's price target to $112 from $102 and reiterated a Buy rating on the shares after the company posted upside in fiscal Q2 driven by record mass capacity drive shipments.

* The company guided within expectations for the seasonally soft March quarter and projected 3% - 6% revenue growth for calendar 2022, noted Miller, who forecasts "a front-end loaded" FY22 with non-GAAP earnings growing 59% year-over-year.

* Price Action: STX shares traded higher by 15.9% at $111.61 on the last check Thursday.