These Analysts Increase Their Forecasts On Seagate Following Better-Than-Expected Results

Seagate Technology Holdings PLC (NASDAQ:STX) posted better-than-expected first-quarter earnings after Tuesday’s closing bell.

Seagate Technology Holdings reported quarterly earnings of $2.61 per share which beat the analyst estimate of $2.37. Quarterly revenue came in at $2.62 billion which beat the Street estimate of $2.54 billion.

"Seagate delivered strong September quarter results, with revenue growth of 21% year-over-year and non-GAAP EPS exceeding the high end of our guided range. Our performance underscores the team's strong execution and robust customer demand for our high-capacity storage products," said Dave Mosley, Seagate CEO.

Seagate sees second-quarter adjusted EPS between $2.55 and $2.95, versus the $2.62 estimate, and revenue in a range of $2.6 billion to $2.8 billion, versus the $2.65 billion estimate.

Seagate shares rose 13.5% to trade at $253.00 on Wednesday.

These analysts made changes to their price targets on Seagate following earnings announcement.

• Rosenblatt analyst Kevin Cassidy maintained Seagate with a Buy and raised the price target from $250 to $270.
• Barclays analyst Tom O’Malley maintained the stock with an Equal-Weight rating and raised the price target from $200 to $240.

Considering buying STX stock? Here’s what analysts think:

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