Seagate Technology (STX) Misses Q1 EPS by 28c, Cuts Guidance and Announces Restructuring Plan

Seagate Technology (STX) Downgraded at UBS as New Risks Offset Recovery

Seagate Technology (NASDAQ: STX) has been downgraded to Neutral from Buy, with its price target cut to $55 from $85 by UBS analyst Timothy Arcuri.

The analyst stated in a research note that new risks offset an otherwise solid recovery story.

"The new US Dept of Commerce charge that STX... More

Seagate Technology (STX) PT Lowered to $62 at Mizuho Securities

Mizuho Securities analyst Vijay Rakesh lowered the price target on Seagate Technology (NASDAQ: STX) to $62.00 (from $75.00) while maintaining a Neutral rating.

The analyst commented, "STX reported a softer SepQ at $2.0B/$0.48 (BELOW updated August guidance of $2.1B/... More

Seagate Technology (STX) PT Lowered to $60 at Rosenblatt

Rosenblatt analyst Kevin Cassidy lowered the price target on Seagate Technology (NASDAQ: STX) to $60.00 (from $80.00) while maintaining a Buy rating following earnings.

The analyst commented, "Seagate's management reported that demand for HDDs weakened through the month of September following their negative... More

Seagate Technology (STX) Restructuring Plan Reflects Sustained Downturn Says Analyst

Seagate Technology (NASDAQ: STX) shares tumbled 12.7% Wednesday after the company reported fiscal first-quarter earnings that missed profit and revenue expectations.

The data storage company also announced a restructuring plan.

Seagate reported earnings of $0.48 per share, $0.28 worse than the analyst estimate of $0.76, while revenue for the quarter came in at $2.04 billion versus the consensus estimate of $2.1 billion.

Looking ahead, the company sees second-quarter EPS between ($0.05) and $0.35, versus the consensus of $0.94, with revenue for the period expected to be between $1.6 billion and $2 billion versus the consensus of $2.21... More