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Seagate Technology Holdings PLC STX Stock Quote

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Seagate’s Earnings Miss Casts Short-Term Demand Doubt; We Lower Our FVE to $75

Analyst Note

| William Kerwin |

We lower our fair value estimate for no-moat Seagate Technology to $75 per share, from $80, after it reported disappointing fiscal fourth-quarter results and weak guidance for the fiscal first quarter. Seagate missed its guidance on the top and bottom lines by a meaningful margin and cited a weaker demand environment, particularly for its legacy products. Though the concoction of inflation, COVID-19-related shutdowns, and supply constraints had been affecting Seagate’s supply throughout the fiscal year, this was the first quarter in which it’s hampered demand. We maintain our faith in the long-term demand prospects for mass capacity drives, but think current weakness for legacy drives will slip into an accelerating decline over the next five years. Shares sold off as much as 12% after hours following the release, and we view Seagate as fairly valued.

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Key Statistics STX

Company Profile STX

Business Description

Seagate is a leading supplier of hard disk drives for data storage to the enterprise and consumer markets. It forms a practical duopoly in the market with its chief rival, Western Digital; they are both vertically integrated.

38/39 Fitzwilliam Square
Dublin, D02 NX53, Ireland
T +353 12343136
Industry Computer Hardware
Most Recent Earnings Jun 30, 2022
Fiscal Year End Jul 1, 2023
Stock Type
Employees 40,000

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