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Seagate Technology PLC STX

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Morningstar’s Analysis

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Seagate Sees Strong Second-Quarter Demand for Mass Capacity; Maintaining $42 FVE

Analyst Note

| William Kerwin |

Seagate reported solid earnings as the firm beat our expectations for both the top and bottom lines, and guided for sequential growth for the upcoming third quarter. The firm also saw strong year-over-year growth in nearline shipments. Although nearline shipments have come down from their peak recorded in the June quarter, management is guiding for sequential growth on both top and bottom lines for the March quarter. We are maintaining our fair value estimate of $42 for no-moat Seagate. With shares trading at $60, we recommend a pullback before investing.

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Company Profile

Business Description

Seagate Technology is a major supplier of hard disk drives. The company designs, develops, and manufactures a broad range of HDDs and SSDs, but specializes in HDDs used in PCs, game consoles, and data centers for the likes of enterprises and cloud vendors.

38/39 Fitzwilliam Square
Dublin 2, D02 NX53, Ireland
T +353 12343136
Sector Technology
Industry Computer Hardware
Most Recent Earnings Dec 31, 2020
Fiscal Year End Jul 3, 2021
Stock Type
Employees 42,000