Seagate stock (NASDAQ: STX) crashed more than 10% on Thursday in an AI rout that made semiconductor assets bleed. The decline was so sharp that STX lost close to 100 points in a single trading session. It fell to a daily low of $795, but managed to end the day’s trade at $820. The stock now has a support floor at $800, and Bank of America Securities reiterated its buy rating on the leading equity.

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Bank of America Securities Price Target for Seagate Stock

Wamsi Mohan, the stock analyst at Bank of America Securities, upgraded his price target for Seagate. The analyst wrote in a note to clients that buying the dip on STX could be beneficial. Accumulating the hard disk drive manufacturer at this level, or below the $800 range, could be the best buying zone that can open up a bigger window to make larger profits.

Bank of America Securities analyst has predicted Seagate stock to reach a new price target of $1,150. That’s a profit of $330 per share if traders take an entry position today. It also equates to an uptick and return on investment (ROI) of approximately 40% from its current price of $820. Therefore, an investment of $1,000 could turn into $1,400 if the price prediction from BofA Securities turns out to be accurate.

Seagate stock had fallen from a high of $915 to $820 on Thursday, indicating that the equity could have a strong comeback when the broader AI market recovers. Bank of America Securities is so confident that STX will surge hereon that they hiked their previous target of $1,000 to $1,150. The bank remains fully bullish on STX’s prospects, and taking an entry position now at its lows will be beneficial for the long term. STX should now remain on traders’ must-watch list, as the upside potential is immense.