Seagate Technology shares drop on analyst downgrades

Seagate Technology shares fell 3.7% in morning trading on Monday to $620.48, continuing a sell-off that started after the company released its fiscal first-quarter 2027 results on October 27.

The stock opened near its previous close of $644.58 before dropping to a session low of $606.14.

UBS published a note on Monday cutting its price target and extending the expected timeline for Seagate to achieve its $1 billion run-rate conversion goal to 2028, later than previously anticipated.

The decline follows a series of analyst actions after the earnings report. Summit Insights downgraded the stock to Hold, stating expectations that the storage sector's outperformance would moderate through 2027.

Morgan Stanley reduced its price target, pointing to weaker-than-expected exabyte growth. TD Cowen, Mizuho, Susquehanna, and Citi also lowered their price targets on the stock.

Citi attributed its price target cut to lower peer valuation multiples.

You May Also Be Interested In

• Truist Securities Reiterates Hold Rating on Advance Auto Parts (AAP)
• Apple’s valuation leaves little room for earnings disappointment: Oppenheimer
• Boeing shares rise after investment club buys the dip