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07/04/2026

Seagate Drops 10% Amid AI Rout, Bank of America Raises Price Target

What happened: Seagate (NASDAQ: STX) shares fell more than 10% on July 3, closing at $820 after hitting a low of $795, amid a broader selloff in AI and semiconductor stocks.

Seagate Drops 10% Amid AI Rout, Bank of America Raises Price Target

What happened: Seagate (NASDAQ: STX) shares fell more than 10% on July 3, closing at $820 after hitting a low of $795, amid a broader selloff in AI and semiconductor stocks. Bank of America raised its price target for Seagate to $1,150 from $1,000, citing strong pricing power and disciplined supply. Peers SanDisk and Micron also declined 11% and 4%, respectively, on memory supply-glut concerns.

Why it matters: The sharp pullback follows a 502% year-to-date rally for Seagate, highlighting the volatility in AI-linked equities. The BofA upgrade, issued earlier in the week, suggests continued confidence in the sector's fundamentals despite short-term turbulence. The selloff may reflect profit-taking or "sell-the-news" dynamics rather than a fundamental shift in outlook.

Source: Watcher.Guru