Citi Raises Seagate and Western Digital Targets as AI Data Demand Supercharges Storage Pricing
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Citi has raised its price targets for Seagate and Western Digital, citing strong demand for storage driven by AI. The move reflects a bullish outlook for the storage sector, with both companies expected to benefit from sustained HDD supply tightness through 2028.
Citi has raised its price targets for Seagate and Western Digital. Seagate's target was raised to $595 from $480, while Western Digital's target was raised to $405 from $335. Both companies are expected to benefit from strong demand for storage driven by AI. Seagate's recent quarter showed revenue of $2.825 billion, up 21% year over year. Western Digital's recent quarter showed revenue of $3.017 billion. The companies' strong performance is driven by AI applications amplifying data creation and exabyte-scale storage demand.
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