Edited by Peter Hillerberg1 min readStories are generated from ORTEX data and reviewed by the ORTEX team. How we publish
Citigroup analyst Asiya Merchant made three bold calls on Monday, slashing price targets upward across the storage sector.
Seagate Technology received the biggest lift. Merchant raised the target from $740 to $1,150 — a 55% jump. The Buy rating stays in place. Seagate carries a $208 billion market cap.
Western Digital got a similar treatment. The target jumped from $500 to $685. Short interest sits at 8.8% of free float, suggesting some short sellers may face pressure if the stock rallies.
Hewlett Packard Enterprise also benefited. Merchant lifted the target from $39 to $70. Loop Capital separately upgraded HPE to Buy, with its own target at $75. Two upgrades in one session signals growing confidence.
Ciena Corporation saw a quieter but meaningful target move. The consensus average target rose to $477, up from $464. Networking gear demand remains a tailwind.
Elsewhere, Generac Holdings and Johnson Controls each picked up modest target increases. Devon Energy and General Mills saw target cuts — reflecting continued pressure on energy prices and staples margins.
The storage sweep by Citi is the standout. AI-driven data demand is lifting hard-drive makers back into favour.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data and reviewed by the ORTEX team. Content is informational only and does not constitute investment advice.
