Seagate rises after Bernstein hikes price target

Shares of data storage firm Seagate Technology STX.O rise 2.3% to $400.9 premarket

Bernstein raises target price on Seagate to $620 from $500, implying 58% upside to stock's last close; reiterates "outperform" rating

As HAMR (Heat-Assisted Magnetic Recording) becomes a larger portion of Seagate's shipment mix, we expect the company's head start in the technology ramp to translate into a meaningful cost advantage - Bernstein

HAMR helps increase the data density of a hard drive, allowing more data to be stored in the same physical area

21 of 25 brokerages rate the stock "buy" or higher, 4 "hold"; their median PT is $469

Up to last close, stock has risen 42.3% YTD