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Citi raises price targets for Seagate and Western Digital on strong AI-driven storage demand.

Analyst Insights
13 Apr 2026
24/7 Wall Street
View Source
Bullish
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Citi has increased its price targets for Seagate to $595 and Western Digital to $405, maintaining Buy ratings on both stocks due to strong demand for storage driven by AI and unstructured data growth. Both companies have reported robust quarterly results with rising revenues, margins, and free cash flow, supported by high-capacity hard drives used in hyperscale data centers. The bullish outlook reflects expectations of continued supply tightness and pricing power through 2028, fueled by the AI storage supercycle. Investors will watch for sustained momentum and further analyst updates on storage pricing and hyperscaler investments.

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