Seagate Technology (STX) Restructuring Plan Reflects Sustained Downturn Says Analyst
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October 27, 2022 11:47 AM EDT
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
October 26, 2022 1:26 PM EDT
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
October 26, 2022 12:16 PM EDT
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
October 26, 2022 8:17 AM EDT
Seagate Technology (NASDAQ: STX) disclosed:
On August 29, 2022, Seagate Technology Holdings plc (Seagate or the Company) received a proposed charging letter (PCL) from the U.S. Commerce Departments Bureau of Industry and Security (BIS), alleging violations of the U.S. Export Administration Regulations (EAR). The PCL alleges Seagate acted in violation of the EAR by providing Seagate... More
October 26, 2022 8:04 AM EDT
Seagate Technology (NASDAQ: STX) reported Q1 EPS of $0.48, $0.28 worse than the analyst estimate of $0.76. Revenue for the quarter came in at $2.04 billion versus the consensus estimate of $2.1 billion.
GUIDANCE:
Seagate Technology sees Q2 2023 EPS of ($0.05)-$0.35, versus the consensus of $0.94.... More
