Seagate Technology stock rises ahead of earnings report

Seagate Technology stock climbed 4.6% in morning trading Tuesday, reaching as high as $675, as the company prepares to release its fiscal first-quarter 2027 earnings after the U.S. market close.

Analysts expect the company to report earnings per share of approximately $7.41 and revenue of around $4.14 billion, representing roughly 190% year-over-year EPS growth. The anticipated growth is driven by increased AI and cloud-storage demand and the ongoing expansion of the company's Mozaic HAMR technology.

Several analysts adjusted their price targets ahead of the earnings release. Rosenblatt reduced its price target to $1,100 from $1,400 while maintaining a Buy rating. The firm projected December-quarter guidance above consensus, anticipating revenue above $4.9 billion and EPS above $9.75.

Bank of America raised its price target to $1,200 from $1,150 earlier in the week, keeping a Buy rating. The firm stated that nearline hard-drive demand is exceeding Seagate's own long-term growth targets.

Morgan Stanley increased its price target to $1,200 from $1,187, maintaining an Overweight rating and reinstating the stock as a top pick.

On Monday, Seagate announced that its Mozaic drives, which are based on heat-assisted magnetic recording and shingled magnetic recording, had been added to Broadcom's approved vendor list for host bus adapters. The drives were also validated by Microsoft Azure for hyperscale deployment.

You May Also Be Interested In

• Seagate Technology (STX) call put ratio 2.9 calls to 1 put into quarter results
• ’Bespoke opportunity’: RBC initiates Ermenegildo Zegna at Outperform
• Royal Caribbean shares jump on earnings beat