Why Seagate Technology Stock Was Winning This Week

Core Insights - Seagate Technology has experienced a significant increase in its stock price following a positive earnings report, with shares rising nearly 15% week-to-date [1] Financial Performance - For the first quarter of fiscal 2026, Seagate reported a revenue increase of 21% year over year, reaching $2.63 billion, surpassing the consensus estimate of $2.55 billion [2] - The company's net income, not in accordance with GAAP, surged 73% to $583 million, equating to $2.61 per share, exceeding the average analyst expectation of $2.40 per share [4] - Seagate announced a slight increase in its dividend, raising it to $0.74 per share from $0.72 [4] Market Reaction - Following the earnings release, analysts have been quick to revise their price targets upward for Seagate, reflecting bullish sentiment [6] - Notably, TD Cowen's analyst Krish Sankar raised his price target for Seagate from $175 to $270 per share, maintaining a buy recommendation, citing an up cycle in the hard disk drive (HDD) market and disciplined capital expenditures by Seagate management [7]