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Seagate Technology PLC STX

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Morningstar’s Analysis

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Seagate Sailing on Cloud and Data Center Tailwinds in Q3, but Shares Are Still Too Inflated

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.

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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 Mar 31, 2021
Fiscal Year End Jul 3, 2021
Stock Type
Employees 42,000