Seagate (STX) Struggles to Meet Demand Amid Supply Shortage

We recently published 13 Stocks Jim Cramer Commented On. Seagate Technology Holdings plc (NASDAQ:STX) is one of the stocks Jim Cramer discussed.

<p class="yf-vbsvxt">Storage device manufacturer Seagate Technology Holdings plc (NASDAQ:STX) is facing significant challenges in meeting market demand due to ongoing supply shortages. Analysts report that Seagate’s stock has seen impressive growth, rising by 256% over the past year and by 28% year-to-date. Experts foresee that these numbers might continue to climb as the company addresses its supply issues. Several analysts weighed in on the stock earlier this year.</p>

<p class="yf-vbsvxt">For instance, Bank of America (BofA) raised its price target for Seagate shares to $400 from $320, maintaining a favorable Buy rating. BofA points out that the company can exceed analyst estimates in its upcoming earnings report, primarily due to its advancements in heat-assisted recording (HAMR) technology. This innovation has the potential to increase the customer base for Seagate's products and drive revenue growth.</p>

<p class="yf-vbsvxt">Similarly, Rosenblatt Securities also upgraded its price target to $370 from $270 while keeping its Buy rating. Analysts noted the sustained demand for high-density memory devices as a key driver for Seagate’s future performance.</p>

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                 alt="Seagate (STX) is Facing a Shortage That Can't Be Met, Says Jim Cramer" 
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    <figcaption class="yf-1ems0tc">Seagate (STX) is Facing a Shortage That Can't Be Met, Says Jim Cramer</figcaption>
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<blockquote class="neo-blockquote yf-1lvgyjz">
    <p>“Okay, so, here’s the ones that have a shortage that can’t be met. . . Seagate. . . Those stocks are up . . . 25[%]. . .this is from the year began.”</p>
</blockquote>

<p class="yf-vbsvxt">While we acknowledge the potential of STX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the <strong>best short-term AI stock</strong>.</p>

<p class="yf-vbsvxt"><b>READ NEXT:</b> <b>30 Stocks That Should Double in 3 Years</b> and <b>11 Hidden AI Stocks to Buy Right Now</b>.</p>

<p class="yf-vbsvxt">Disclosure: None. This article is originally published at <strong><u><b>Insider Monkey</b></u></strong><strong>.</strong></p>