Seagate Had A Strong Q4, But Some Analysts Have Lowered Price Targets on the Stock - Here's Why
Portfolio Pulse from Anusuya Lahiri
Seagate Technology Holdings (NASDAQ:STX) reported Q4 results, with revenue and non-GAAP EPS of $1.60 billion and -$0.18, below estimates. Analysts from Credit Suisse, Wedbush, Rosenblatt, and Benchmark have maintained their ratings but lowered their price targets due to ongoing budget scrutiny and inventory digestion. However, the company's liquidity concerns have eased as it reduced its debt. Analysts expect the recovery to start in 2024.
July 27, 2023 | 6:55 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Seagate's Q4 results were below estimates, leading analysts to lower their price targets. However, the company's debt reduction has eased liquidity concerns.
Seagate's lower than expected Q4 results and the lowering of price targets by analysts could negatively impact the company's stock in the short term. However, the company's debt reduction could provide some stability.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100