October 27, 2023
We adjust F2024/F2025E (Jun) EPS for Seagate (STX; $65.84; E/W) from ($0.03)/$2.65 to ($0.15)/$3.00 after its FQ1 (Sep) results generally lived up to recently lowered targets, with puts and takes, but FQ2E (Dec) guidance was…
September 11, 2023
We reduce our F2024E (Jun) EPS for Seagate (STX; $65.37; E/W) from a profit of $0.13 to a loss of ($0.03) to catch up with the management warnings last week at an investor conference that…
July 27, 2023
We reduce F2024E (Jun) EPS for Seagate (STX; $61.46; E/W) from $1.25 to $0.13 after another round of disappointing guidance. On the plus side, management seems to have finally “thrown in the towel” around expectations…
July 17, 2023
We are reducing our FQ4 (Jun) and F2024E (Jun) EPS for Seagate (STX; $61.57; E/W) ahead of the company’s release of full FQ4 results on July 26th (after market). Recall, STX warned at an investor…
June 6, 2023
Last Thursday (6/1), we hosted an investor meeting at Seagate’s (STX; $60.86; E/W) offices in San Jose, CA where we met with Rod Cooper, VP Finance, and IR, along with Jingjing Chen from the IR…
April 20, 2023
We are cutting F2023/F2024E (Jun) EPS further for Seagate (STX; $57.08; E/W) after the company produced an FQ3 (Mar) “miss and lower” that more than confirmed our ongoing concerns around cloud and IT spending, customer…
April 20, 2023
Seagate (STX; $62.86; E/W) reported FQ3 (Mar) non-GAAP EPS that was a loss of ($0.28) on sales of $1,860mm, which was well below our recently lowered estimate for a profit of $0.22 (on sales of…
April 13, 2023
We reduce F2023E (Jun) EPS for Seagate (STX; $64.64; E/W) from $1.70 to $1.40 ahead of its FQ3 (Mar) results and outlook, scheduled for next Thursday (4/20 after market). We think FQ3E sales, already assumed…
March 29, 2023
This morning, Seagate (STX; $62.40; E/W) disclosed in an 8-K filing that it is proceeding with yet another round of cost actions, which we view as a negative indicator for its upcoming FQ3 (Mar) results…
March 1, 2023
Yesterday, Luminar Technologies (LAZR; $8.95; NR) announced it acquired Seagate’s (STX; $64.56; E/W) LiDAR (Light Detection and Ranging) program back in January. Terms of the transaction were not announced and this agreement was not previously…
January 26, 2023
We raise F2023/F2024E (Jun) EPS for Seagate (STX; $62.25; E/W) from $1.35/$3.20 to $1.70/$3.85 after FQ2 (Dec) EPS of $0.16 exceeded our $0.07 and the Street’s $0.09, on slightly better sales and operating margins as…
January 23, 2023
The shares of Seagate (STX; $63.23; E/W) have now surged 26% just since late-December lows (including +7% today) to levels last seen in mid-September, ahead of the company’s FQ2 (Dec) results and outlook on Wednesday…
October 26, 2022
We reduce F2023/F2024E (Jun) EPS for Seagate (STX; $53.64; E/W) from $3.60/$7.15 to $1.35/$3.20 after it produced an FQ1 (Sept) “miss and lower”, suspended share repurchases (after buying $408mm of stock in FQ1), increased debt…
October 26, 2022
Seagate (STX; $58.00; E/W) reported FQ1 (Sep) non-GAAP EPS of $0.48, which was well below our $0.65 and the Street’s $0.71 on sales of $2,035mm (vs. our $2,050mm and the Street’s $2,101mm). Recall, STX cut…
October 20, 2022
We think there is another “shoe to drop” on Street estimates for Seagate (STX; $54.19; E/W) with its FQ1 (Sept) results and outlook, scheduled for next Wednesday (10/26 before market), even after a recent series…