Seagate Higher After Longbow Upgrade

Seagate Technology PLC STX shares are trading higher by $1.00 (3 percent) at $48.60 in Tuesday's session.

The catalyst for the rally is an upgrade from Longbow Research, who raised it from Neutral To Buy and announced a $55.00 price target.

After a higher open, Seagate's stock continued in that direction before peaking at $49.12 and reversing course. That marks the highest level for the stock since it peaked on March 3 at $49.65.

The ensuing decline found support just under Monday's close of $47.60 at $47.56 and rebounded back into the mid-$48.00 handle. It hasn't closed over $48.00 since March 8, when it ended that session at $48.11.