Barclays Starts Seagate Technology (STX) at Equalweight
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October 15, 2015 1:01 PM EDT
RBC Capital reiterated an Outperform rating on Seagate Technology (NASDAQ: STX), and cut the price target to $47.00 (from $53.00), following september quarter's pre-announcement. While unit shipments were in-line, the gross margin expectation is well below prior expectations of 27%. STX anticipates revenue of $2.9B, gross... More
October 15, 2015 8:02 AM EDT
Seagate Technology (NASDAQ: STX) announced selected preliminary financial information for its fiscal first quarter of 2016, which ended on October 2, 2015.
Seagate expects to report revenue of approximately $2.9 billion and non-GAAP gross margin of approximately 24% for the fiscal first quarter 2016. The Company expects to report unit shipments for the fiscal first quarter of approximately 47 million and maintaining approximately 40% market share.
*** The Street sees Q1 revenue of $3.03 billion.
These preliminary results compare to the Companys previously forecasted range for fiscal first quarter of... More
