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Seagate Technology stock soars after Morgan Stanley upgrade

Shares of Seagate Technology Inc.

STX, +6.40%

are up 7.1% in Tuesday morning trading after Morgan Stanley analyst Katy Huberty upgraded the stock to overweight. Shares are on pace for their largest one-day percentage gain since January. Morgan Stanley’s Huberty thinks Seagate could benefit from increased interest in artificial intelligence and machine learning. “We believe accelerating IT budget and data storage growth in the Data Era are underappreciated by investors,” Huberty wrote. “Exponential data growth in the next computing cycle, share gains in near-line drives, and low inventory levels make us more constructive” on Seagate, she added. Huberty has a $72 price target on shares, which are currently trading at $60.28. Seagate’s stock is up 26% in the past 12 months, compared with a 12% rise for the S&P 500

SPX, +1.38%

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