New York, February 6, 2026, 13:01 EST — Regular session underway.
- Seagate’s stock climbed roughly 5% to $425.61 by midday, after fluctuating between $400.52 and $428.90 earlier in the session
- Citigroup lifts Seagate’s price target to $480 from $460, maintaining its buy rating
- Storage stocks climbed as well, signaling a wider rebound across AI-related hardware sectors
Seagate Technology Holdings plc shares climbed almost 5% on Friday following a price target boost from Citigroup, giving the data-storage company’s stock a lift after slipping the previous day. The shares traded as high as $428.90 and as low as $400.52, closing up $20.16 at $425.61.
Wall Street bounced back after a tough tech-driven selloff, though investors remain cautious about when and how much will be poured into AI infrastructure. “We’re going to continue to see these ebbs and flows,” said Ben Falcone, managing director at Kayne Anderson Rudnick. Reuters
Seagate slipped 3.15% on Thursday, closing at $405.45 amid a generally soft day for U.S. stocks, according to a MarketWatch report. The stock now sits roughly 11.8% below its 52-week peak of $459.41, which was hit earlier this week, with trading volume running above the 50-day average.
Citigroup bumped up its price target on Seagate to $480 from $460, keeping a buy rating in place, MT Newswires reported Friday. A price target reflects where analysts expect the stock to trade over the coming 12 months.
Shares of other storage companies climbed as well. Western Digital rose roughly 7%, Pure Storage surged over 9%, and NetApp ticked up close to 3%.
Seagate’s rally is fueled by hopes that AI data centers will boost demand for mass storage. Hard drives still offer a more cost-effective way to store vast amounts of data compared to flash in many scenarios. Back in late January, the company projected third-quarter revenue and profits would outpace Wall Street’s expectations. CEO Dave Mosley highlighted that “modern data centers increasingly need storage solutions that combine performance and cost-efficiency.” Reuters
This week’s wild swings in the stock highlight its new role as a high-beta play on AI buildouts. When sentiment flips or big tech ramps up spending talk, these shares can jump sharply.
Still, the upside comes with a clear risk: if cloud customers delay orders, stretch out deployments, or try to get more mileage from current equipment, pricing power could evaporate quickly. After such a sharp rally, even small disappointments might sting more than usual.
Investors are keeping an eye on shareholder returns as well. Seagate’s investor relations page lists a $0.74-per-share dividend, set to be paid on April 8 to shareholders recorded by March 25.
Seagate’s upcoming earnings report, slated for April 29, is the next major event on the radar, per Investing.com’s calendar. Investors will be watching closely for clues on demand trends, pricing updates, and whether the company maintains its existing guidance.
