Seagate Technology (NASDAQ: STX) plunged more than 10% Thursday amid a broad AI-driven selloff that hit semiconductor and storage names hard. The drop was dramatic enough that the stock lost nearly 100 points in a single session, sliding to a daily low of $795 before recovering to close at $820. Traders are now watching an $800 support level closely.
Bank of America Securities—still bullish on Seagate—reiterated its buy rating. Analyst Wamsi Mohan raised his price target on STX to $1,150 (up from $1,000), arguing that this pullback presents a buying opportunity. Mohan told clients that accumulating shares at or below the $800 range could be an attractive entry zone and open the door for larger gains.
At the new $1,150 target, Seagate would offer roughly $330 of upside from Thursday’s close—about a 40% return. To put that in plain terms, a $1,000 stake could grow to roughly $1,400 if the bank’s forecast materializes.
Seagate’s retreat on Thursday—from an intraday high of $915 down to $820—highlights the stock’s volatility but also why some investors see value now: if the broader AI and semiconductor sectors rebound, storage names like Seagate could participate in the rally. With BofA’s upgraded target and a clear support level around $800, STX has returned to many traders’ watchlists as potential long-term buy-on-dip opportunity.
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