Seagate Stock Hits All-Time High: Why Analysts Just Doubled Their Price Targets

Seagate Technology’s stock reached an all-time high in 2026, propelled by a significant surge in demand for data storage driven by the rapid expansion of artificial intelligence (AI) data centers. The company reported a 44% increase in revenue year-over-year, notably outperforming analyst expectations. Seagate forecasted fiscal fourth-quarter revenue of $3.45 billion, surpassing the consensus estimate of $3.16 billion, largely due to persistent demand from its core data center customers, which now represent 87% of its shipments. This surge reflects the industry-wide need for high-capacity storage solutions required to support the large datasets powering AI models.

Seagate’s high-capacity hard disk drives (HDDs) have sold out for the entire year through 2027, underscoring a tight supply environment. This shortage has led to significant price gains for memory and storage products, with high-capacity HDD prices increasing about 60% sequentially. Analysts have responded by doubling Seagate’s price targets to $1,000, highlighting the company’s strong positioning in the AI infrastructure supply chain.

Further reinforcing this trend, Seagate’s non-GAAP earnings jumped 53% year over year in the latest quarter, and the firm’s fiscal 2026 earnings guidance predicts a 79% increase over the prior year. The company’s focus on high-density storage solutions and deep integration with major cloud providers has positioned it as a key enabler in the AI-driven data storage market, reflecting a broader industry shift towards an AI storage supercycle.