NEW YORK, Feb 17, 2026, 14:41 ET — Regular session
- Seagate slipped 0.6%, with Wall Street eyeing a fresh price-target bump, but capital-structure chatter kept gains in check.
- Mizuho has kept its Outperform rating, bumping up the target price to $475 from the previous $440, published reports said.
- Storage stocks went their separate ways—Western Digital outperformed, but Seagate slipped.
Seagate Technology Holdings plc slipped 0.6% to $423.41 Tuesday afternoon, having bounced between $412.04 and $428.00 earlier in the session.
Seagate’s move left it out of sync with some peers in the data-storage sector. Western Digital climbed roughly 2.1%. NetApp and Pure Storage, on the other hand, slipped slightly.
After this month’s swift rally, investors are still adjusting. Analyst targets keep climbing, but traders aren’t losing sight of possible share issuance connected to debt swaps.
Mizuho’s Vijay Rakesh kept his Outperform call on Seagate and bumped the target up to $475 from $440, according to a report out Tuesday. (Source: Gurufocus)
Benzinga’s analyst ratings page showed Mizuho sticking with its Outperform call and a $475 price target as of Feb. 17. (Source: Benzinga)
Seagate said last week it had privately negotiated to exchange $600 million in principal of its unit’s 3.50% exchangeable senior notes due 2028, giving holders about $599.2 million in cash and a yet-to-be-determined number of ordinary shares. The share count could rise if notes are swapped for stock, according to the terms. (Source: Seagate)
The company expects the deals to close around Feb. 17, pending standard conditions.
Since late January, Seagate’s stock has swung sharply. The company’s latest results upended Wall Street’s outlook for margins and appetite for the big-capacity drives that data centers rely on.
Chief executive Dave Mosley credited “the durability of data center demand” and the rollout of HAMR-based Mozaic products after Seagate’s December quarter numbers came in above expectations both at the top and bottom line. “Seagate’s December quarter results exceeded our expectations on both the top and bottom line,” Mosley said at the time. (Source: Seagate)
Seagate is lining up a series of investor events for late February and early March, putting its management back in front of investors just as the market gauges whether the stock’s rally has legs at these higher prices. (Source: Seagate)
Still, there’s risk here. Unexpected dilution from note exchanges or a bigger cash outflow than investors are braced for could draw sharper focus to Seagate’s balance sheet and how much it’s able to return to shareholders. If cloud spending slows, sentiment could easily turn against a stock that’s already moved up in a hurry.
Next up for investors: eyes on any Seagate updates about the note-exchange closing. After that, attention will turn to what management has to say during Bernstein’s TMT Forum on Feb. 25, followed by the Morgan Stanley Technology, Media & Telecom Conference on March 3.
