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U.S. stock index futures pointed to a mostly modestly higher open on Monday after major indexes snapped a five-week losing streak. Investors are also looking ahead to renewed tensions in the Middle East, a busy week of corporate earnings, and key inflation and Federal Reserve data. Stocks set for higher…
Seagate Technology shares surged to a record high on Monday, extending a strong run for storage and memory stocks as Morgan Stanley named the hard drive maker its “top pick” in IT hardware.
Seagate (STX) jumped nearly 6% Monday to close just above $453, a record high. Morgan Stanley analysts selected Seagate over rival Western Digital (WDC), citing expectations that Seagate could have more room to rise and improve margins faster. Other data storage and memory stocks also climbed, including Western Digital (WDC), Micron Technology (MU), and Sandisk (SNDK), which ranked among the biggest gainers in the S&P 500.
In a Monday note, the analysts said both Seagate and Western Digital are benefiting from a global shortage of storage and memory components. They wrote that the shortage could last until 2028.
Morgan Stanley raised its price target for Seagate to $582 from $468. For Western Digital, the firm lifted its target to $380 from $369. Based on Monday’s levels, the targets imply potential upside of roughly 28% for Seagate and about 25% for Western Digital.
Memory and hard drive stocks have rallied for much of the past year as investors have favored “pick-and-shovel” companies tied to the hardware used to support large technology firms’ AI data centers. Morgan Stanley said investors continue to under-appreciate the underlying strength created by the component shortage.
With Monday’s gains, Seagate is up 65% since the start of the year. Over the same period, Sandisk has more than tripled, Western Digital has risen about 77%, and Micron has added 32%, while the broader S&P 500 fell 3%.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
