Shares of Seagate Technology PLC are up 2.4% in Monday morning trading after Susquehanna Financial Group analyst Mehdi Hosseini raised his price target on the stock to $58 from $55. "We believe overall HDD [hard-disk-drive] unit shipments for the June Q are tracking several million better than expectations, a trend that is also expected to sustain into the Sep Q," he wrote. "The upside, for the most part, is driven by nearline, as cloud customers continue to add cold storage." Nearline refers to a sort of storage middle ground for data that is somewhat urgent. Hosseini maintained his neutral rating on Seagate's stock as he doesn't see "any other levers that would help increase EPS estimates" besides his nearline forecast. The stock is up 35% over the past 12 months, while the S&P 500 has gained 14%.