Needham & Company Downgrades Seagate Technology (STX) to Buy

UBS Cuts Price Target on Seagate Technology (STX) to $34 Following Negative Pre-Announcement

October 19, 2015 9:46 AM EDT

UBS reiterated a Sell rating on Seagate Technology (NASDAQ: STX), and cut the price target to $34.00 (from $36.00), following a negative 1Q16 pre-announcement.

Analyst John Roy commented, "After the negative preannouncement the question of the day was, why that big of a gross... More

Susquehanna Downgrades Seagate Technology (STX) to Neutral

October 19, 2015 7:00 AM EDT

Susquehanna downgraded Seagate Technology (NASDAQ: STX) from Positive to Neutral with a price target of $45.00 (from $60.00).

Analyst Mehdi Hosseini commented, "We are downgrading shares of STX to Neutral on the heels of last week's Sep Q preannouncement, given the following key factors: 1) the delay in getting 8 TB Nearline drives to market has resulted in share loss (importantly, higher margin), with Mar Q being the earliest... More

RBC Capital Cuts Price Target on Seagate Technology (STX) Following Quarterly Pre-Announcement

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

Seagate (STX) Warning Could Mean Share Gains for Western Digital (WDC) - Goldman Sachs

October 15, 2015 12:18 PM EDT

Western Digital (NASDAQ: WDC) is stabilizing mid-day after morning weakness on the back of a warning from rival Seagate... More

Stifel Keeps Seagate (STX) as 'Hold' Following Prelim Q1 Results; Sees Western Digital (WDC) Outperforming

October 15, 2015 9:09 AM EDT

Stifel affirms Seagate (Nasdaq: STX) at Hold following preliminary Q1 results issued on Thursday morning.

Analyst Aaron C. Rakers made the following observations:

Quick Math: based on the above would leave us to consider a F1Q16 non-GAAP EPS in the range of $0.45-$0.50/sh. versus our prior $0.87/sh. estimate (street: $0.85/sh.). Seagate attributed its weaker F1Q16 gross margin to lower-than-expected intra-quarter demand for the companys 4TB... More

Seagate Technology (STX) Cuts Q1 Revenue, Gross Margin Outlook

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