4 Analyst Takeaways Of Seagate Technology''s Q1 Earnings
Seagate Technology Holdings PLC (NASDAQ: STX ) reported its quarterly revenue at $2.6 billion, down 13% year-on-year, and non-GAAP profits at $1.59 per share, with both metrics below Street expectations. The company’s projection was $1.90 a share. Rosenblatt Securities On Seagate Technology Analyst Kevin Cassidy maintained a Buy rating, while lowering the price target from $100 to $95. “Seagate reported a miss to June quarter estimates and guided revenue down 5% and non-GAAP EPS down 12%,” Cassidy said in a note. “Weakness coming as expected from COVID lockdowns, lower consumer demand and non-HDD component shortages,” he added. “In our view, the secular demand for mass capacity storage remains in place. We believe Seagate has a strong product strategy for steadily increasing HDD densities over the next several years,” the analyst further mentioned. Mizuho Securities On Seagate Technology Analyst Vijay Rakesh reiterated a Neutral rating, while reducing the price target from … Full story available on Benzinga.
4 Analyst Takeaways Of Seagate Technology''s Q1 Earnings
Seagate Technology Holdings PLC (NASDAQ: STX ) reported its quarterly revenue at $2.6 billion, down 13% year-on-year, and non-GAAP profits at $1.59 per share, with both metrics below Street expectations. The company’s projection was $1.90 a share. Rosenblatt Securities On Seagate Technology Analyst Kevin Cassidy maintained a Buy rating, while lowering the price target from $100 to $95. “Seagate reported a miss to June quarter estimates and guided revenue down 5% and non-GAAP EPS down 12%,” Cassidy said in a note. “Weakness coming as expected from COVID lockdowns, lower consumer demand and non-HDD component shortages,” he added. “In our view, the secular demand for mass capacity storage remains in place. We believe Seagate has a strong product strategy for steadily increasing HDD densities over the next several years,” the analyst further mentioned. Mizuho Securities On Seagate Technology Analyst Vijay Rakesh reiterated a Neutral rating, while reducing the price target from … Full story available on Benzinga.