Seagate Technology gains; JPM starts with 'overweight' rating

Shares of data storage firm Seagate Technology STX.O rise 2.6% to $390.00 premarket

J.P. Morgan begins STX coverage with "overweight" rating and a price target of $525, implying ~38% upside to the stock's last close

JPM says the hard disk drive industry and STX are positioned to see robust demand growth fueled by cloud capex growth

21 of 25 brokerages rate the stock "buy" or higher, four "hold"; their median PT is $469 - data compiled by LSEG

As of last close, stock up ~38% this year