Wedbush Just Raised Its Price Target on Seagate Stock. Here's Why.

Seagate Technology (STX) shares are in focus on July 27 after Matt Bryson, a senior analyst at Wedbush Securities, raised his price target on the data storage giant. 

Maintaining an “Overweight” rating, Bryson lifted his price target on STX this morning to $1,000, indicating potential upside of nearly 25% from current levels. 

His bullish call is significant given Seagate stock has already been a blockbuster performer in 2026, currently trading at nearly 3x its price at the start of this year. 

Q4 Earnings to Unlock Further Upside in Seagate Stock

Bryson expects Seagate’s earnings next week to prove a meaningful near-term catalyst that drives its share price higher. 

Consensus is for the company to report $4.89 a share of earnings (EPS) for its fiscal Q4, more than double the number it recorded for the same quarter last year. 

“We believe STX will report upside to consensus (margin driven), as we expect slight PX increases combined with improved mix should allow Seagate to again exceed forecast results,” the Wedbush analyst wrote. 

Note that Barchart shares his optimism on STX stock as well, with a “40% BUY” opinion signaling technical momentum also favors continued upside ahead. 

LTAs to Drive STX Shares Up Further

Wedbush expects the firm’s Heat Assisted Magnetic Recording (HAMR) drives to win fresh long-term agreements (LTAs) in the second half of 2026. 

Hyperscalers typically require massive exabyte storage capacity to retain datasets for generative artificial intelligence (AI) model training and deployment.

Therefore, the multi-year commitments stand to improve pricing power and structural profitability for STX as the global artificial intelligence (AI) infrastructure buildout continues. 

According to Seagate, its production capacity is largely booked through 2027, which reinforces the favorable supply-demand dynamics underpinning HDD pricing. 

Seagate Remains Buy-Rated Among Wall Street Firms

It's also worth mentioning that Wedbush Securities is actually among the more conservative Wall Street firms on the Nasdaq-listed Seagate Technology Holdings. 

According to Barchart, the consensus rating on STX shares sits at “Strong Buy” currently, with a mean price target of about $1,020 signaling potential for a more than 25% rally over the next 12 months.