Barclays raises STX price target to $1,000

What happened: Barclays raised its price target for Seagate Technology (STX) to $1,000 on May 27, 2026, following a 648% surge in the stock's price over the past year. This bullish move comes after Mizuho also increased its price target to $1,090 in June, citing strong earnings growth and positive outlook for the data storage company. STX's Q3 FY26 results showed EPS of $4.10, beating estimates by $0.60, with revenue surging 44% year over year and gross margins jumping to 47%.

Market impact: The price target increases reflect analysts' confidence in STX's growth prospects, driven by increasing demand for data storage in the AI and cloud sectors. This bullish sentiment could attract more investors, potentially pushing the stock price closer to the $1,000 mark. The data center sector, where STX operates, may see further growth and investment as a result.

What to watch next: STX's next earnings report, scheduled for late August 2026, will be crucial in maintaining or challenging the bullish narrative. Additionally, investors should monitor the stock's performance around the projected target date of October 13, 2026, as indicated by the "Quick Read" article. Lastly, any updates or changes in analyst ratings and price targets from other firms will provide further insight into the market's sentiment towards STX.