Needham & Company Cuts Price Target on Seagate Technology (STX) Following Negative Preliminary 3Q Results

Argus Downgrades Seagate Technology (STX) to Hold

Argus downgraded Seagate Technology (NASDAQ: STX) from Buy to Hold.

The analyst said the directional decline in the gross margin is worrisome. "While Seagate is now focusing on the cloud data center in the enterprise space, it is still highly dependent... More

Brean Capital Cuts Price Target on Seagate Technology (STX) Following Negative Pre-Announcement

Brean Capital maintained a Buy rating on Seagate Technology (NASDAQ: STX), and cut the price target to $50.00 (from $65.00), following a negative March quarter pre-announcement. However, Brean Capital believes that the company's normalized EPS can remain at $4.00 - $5.00 for CY17 & CY18.

Analyst... More

UBS Cuts Price Target on Seagate Technology (STX) Following Negative Preannouncement

UBS maintained a Sell rating on Seagate Technology (NASDAQ: STX), and cut the price target to $22.00 (from $24.00), following the company's negative preannouncement. STX expects to report 39mn units and revenue of $2.6bn. UBS' model shows $2.65bn in sales on 39.2mn units. ASP estimates of... More

Cowen Trims PT, Estimates on Seagate (STX) Following Negative Prelim. Q3 Results

Cowen and Company trims its price target on Market Perform-rated Seagate Technology (Nasdaq: STX) from $36 to $35 following a negative Q3 pre-announcement made on Wednesday night.

Analyst Karl Ackerman noted that Cowen was cutting estimates on Seagate following the news: We believe the company faced a number of intensifying headwinds through at least the first... More

Jefferies Reiterates Buy on Seagate Technology (STX) Despite Negative 3Q Pre-Announcement

Jefferies maintained a Buy rating and $40.00 price target on Seagate Technology (NASDAQ: STX) following the company's negative 3Q pre-announcement. Seagate pre-announced revenue of $2.6B, below its prior guidance and the Street's estimate of $2.7B. The expected gross margin of 23% is also lower than guidance (25.6%,... More

After-Hours Stock Movers 04/13: (WYNN) Higher; (EXXI) (PIR) (STX) Lower (more...)

Today's After-Hours Movers:

Energy XXI (NASDAQ: EXXI) 57% LOWER; said to plan bankruptcy filing as soon as Thursday, according to Bloomberg.

Pier 1 Imports (NYSE: PIR) 6% LOWER; reported Q4 EPS of... More

Western Digital (WDC) on Watch After Seagate (STX) Reports Prelim. Q3 Results

Western Digital (NASDAQ: WDC) shares were on watch post-market after peer Seagate Technology (NASDAQ: STX) reported preliminary Q3 results, with revenue coming in below consensus.

Seagate Technology (STX) Trims Q3 Revenue Outlook; Boosts non-GAAP GM Expectations

Seagate Technology plc (NASDAQ: STX) announced selected preliminary financial information for its fiscal third quarter of 2016, which ended on April 1, 2016.

Seagate expects to report revenue of approximately $2.6 billion and non-GAAP gross margin of approximately 23% for the fiscal third quarter 2016. The Company expects to report HDD unit shipments of approximately 39 million, representing approximately 40% market share.

These preliminary results compare to the Companys previous forecast for fiscal third quarter 2016 of revenue of approximately $2.7 billion and non-GAAP gross margin of approximately 25.6%.

*** The Street was looking for Q3 revenue of $2.7 billion.

The... More

Deutsche Bank Downgrades Seagate Technology (STX) to Hold

Deutsche Bank downgraded Seagate Technology (NASDAQ: STX) from Buy to Hold with a price target of $35 (unchanged). Analyst Sherri Scribner thinks the HDD industry is transitioning from a unit-driven industry to a capacity-driven market.

"Given WDCs planned acquisition of SNDK, we... More