Seagate Technology Holdings plc STX has moved from a recovery story to a high-expectation growth stock. The question is whether earnings acceleration and a stronger fiscal 2027 outlook can support a share price already reflecting much of that improvement.

STX had risen 177.6% year to date and 386.9% over the trailing 12 months. At $764.43, the stock still sat below the $890 target, but further upside depends on sustained demand, pricing strength and margin expansion.

STX’s Earnings Growth Supports the Bull Case

Seagate reported fourth-quarter non-GAAP earnings of $5.71 per share, above the $5.10 consensus estimate. Earnings climbed 121% year over year, reflecting a sharp recovery in profitability.

Revenues rose 48% year over year to $3.6…