Citigroup Remains Bullish On Seagate Technology Following Q4 Print - Seagate Tech Hldgs (NASDAQ:STX), Western Digital (NASDAQ:WDC)

Joe Yoo of Citigroup reiterated a Buy rating on shares of Seagate Technology

Crypto Whales Are Loading Up — Are You?

New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.

ENTER TO WIN $500 IN STOCK OR CRYPTO

Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!

Crypto Whales Are Loading Up — Are You?

(NASDAQ: STX) following its

fourth quarter results with a price target lowered to $70 from a previous $74.Yoo notes that the company's quarterly results were “generally in line with expectations” with a one percent miss in revenues. The analyst adds that shares pulled back eight percent on soft guidance but does state that the industry isn't “devolving into its past behavior of irrational pricing.”Yoo states that were some “pockets of aggressive pricing” in PC and nearline drives which is not uncommon even post industry consolidation. Management stated that the impact of these lower prices had a 20 to 30 basis points negative impact to the company's gross margin. Yoo believes that management's gross margin target of 28.5 percent suggests a sequential margin expansion and indicates that the impact of the “irrational pricing” is temporary and not severe.Finally, Yoo suggests that Seagate Technology's results seem to confirm that it lost some market share, likely to Western Digital (NASDAQ: WDC) who may show “meaningful upside” when the company reports its results on Tuesday.