Analyst Note
| William Kerwin |No-moat Seagate Technology reported largely unsurprising third-quarter results, and we're maintaining our $42 fair value estimate for the data storage provider. Strong demand from cloud and data center customers and a recovering enterprise IT spending environment more than offset slight weakness in edge video and legacy markets, and management expects these tailwinds to continue through the end of its fiscal year. We continue to view shares as overvalued, and would recommend awaiting a pullback to invest.