Seagate Technology (NASDAQ: STX) stock is climbing rapidly in Tuesday's trading. The memory chip company's share price was up 9% as of 3 p.m. ET, according to data from S&P Global Market Intelligence.

Morgan Stanley published a note on Seagate this morning, raising the firm's rating on the stock from equal weight to overweight. The firm's analysts also raised their one-year price target on Seagate stock from $73 per share to $115 per share.

Despite climbing roughly 56% over the last year, Seagate stock is still down roughly 17% from its high. The latest coverage from Morgan Stanley indicates that the firm believes that the storage hardware specialist will go on to reach a new valuation high in the near future.

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Source Fool.com