Rosenblatt Sets a $1,000 Seagate Price Target: Is This the Most Bullish HDD Call of 2026?

1 week ago 3

David Moadel

Wed, April 29, 2026 astatine 9:37 AM CDT 3 min read

Quick Read

Seagate Technology (STX) banal garnered a $1,000 terms people from Rosenblatt (doubled from $500) alongside upgrades from Bank of America, Citi, Goldman Sachs, and Barclays.
AI-driven hyperscaler capex and choky nearline HDD proviso are fueling a structural retention upcycle, with Seagate’s HAMR exertion providing cost-per-bit advantages crossed a multi-year cycle.
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Seagate Technology (NASDAQ:STX) has received Wall Street's boldest hard disk thrust (HDD) telephone of 2026. Rosenblatt raised its terms people connected Seagate banal to $1,000 from $500 portion keeping a Buy rating, towering implicit each competing people connected the Street. The upgrade arrives alongside caller people hikes from BofA, Citi, Goldman Sachs, and Barclays aft a blowout fiscal Q3 2026 print.

For semipermanent Seagate investors, the revised outlook signals increasing condemnation successful a structural HDD upcycle driven by AI-era retention demand. Near-term volatility remains a existent hazard fixed however acold Seagate banal has already run.

Ticker

Company

Firm

Action

Old Rating

New Rating

Old Target

New Target

STX	Seagate Technology	Rosenblatt	Price people raised	Buy	Buy	$500	$1,000

The Analyst's Case

Rosenblatt's thesis hinges connected proviso scarcity. The steadfast notes that nearline capableness to each hyperscale customers is afloat allocated done 2027, with customers already engaging successful 2028 supply. That visibility underwrites sustained pricing powerfulness crossed the cycle.

The expert who called NVIDIA successful 2010 conscionable named his apical 10 stocks and Seagate Technology wasn't 1 of them. Get them present FREE.

The 2nd pillar is technology. Rosenblatt argues that Seagate's heat-assisted magnetic signaling (HAMR) exertion volition thrust beardown net leverage done capableness gains and little outgo per bit. Mozaic-platform drives are already qualified with 5 of the world's largest unreality customers.

Company Snapshot

Seagate Technology is an HDD shaper led by CEO Dave Mosley, with a marketplace capitalization of astir $129.7 billion. The committee declared a quarterly dividend of $0.74 per share, payable July 7.

Seagate's fiscal Q3 2026 gross deed $3.11 billion, up 44% twelvemonth implicit twelvemonth (YoY), with non-GAAP EPS of $4.10 and escaped currency travel of $953 million. Management guided fiscal Q4 2026 gross to $3.45 cardinal and EPS to $5.00, supra Street estimates.

Why the Move Matters Now

Seagate banal has rallied 139% twelvemonth to day (YTD). Shares commercialized astatine a guardant P/E ratio of 33x against a 12-month statement people of $558.25.

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