Monday Morning's Movers: STX, EXPE & CCL Get Upgrades

Seagate - JP Morgan Chase has initiated coverage on Seagate with an overweight rating and a price target of $525, indicating a potential upside of about 40% from the last closing levels [1] - The firm highlights that Seagate is transitioning from a legacy hard drive company to an AI infrastructure player, with demand for data storage expected to grow at double-digit rates annually [2] - JP Morgan Chase anticipates strong pricing power and a duopoly market structure, which could drive margins up to 50% by 2027 [2][3] Expedia - Expedia has received a bullish upgrade from Jeffre, with a new price target of $300, suggesting a potential upside of about 30% [4] - The firm believes that AI could enhance the effectiveness of travel agencies like Expedia by improving marketing strategies and capturing more traffic [5] - Despite year-to-date pressures, Expedia has shown strong performance on a year-over-year basis and is currently among the top 10 in the S&P 500 [7] Carnival - HSBC has upgraded Carnival to a buy rating, citing that recent selloffs due to oil volatility have created an attractive entry point, with a new price target of 30.10, indicating over 20% upside [8] - Shares have dropped more than 20% since late February due to the Iran conflict affecting oil prices, impacting travel stocks significantly [9] - HSBC notes that demand remains strong, with Carnival reporting being 85% booked for the year, and emphasizes the company's ability to adapt its fleet to navigate geopolitical disruptions [10][11]