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STX

Seagate

$37.97

0.08 (0.21%)

08:07
10/11/16
10/11
08:07
10/11/16
08:07

Seagate reports Q1 prelim. revenue about $2.8B, consensus $2.63B

Seagate Technology announced selected preliminary financial information for its fiscal first quarter 2017, which ended on September 30, 2016. Seagate expects to report revenue of approximately $2.8 billion, and GAAP and non-GAAP gross margin of approximately 29%. The Company expects to report HDD exabyte shipments of approximately 67 exabytes, reflecting unit shipments of approximately 39 million and average capacity per drive of 1.7 terabytes. These preliminary results compare to the Company's previous forecast for fiscal first quarter 2017 revenue of at least $2.7 billion and non-GAAP gross margin of at least 27%. The strength in the Company's revenue and gross margin for the quarter was driven primarily by better than expected demand for the Company's high capacity enterprise HDD product portfolio. Previously announced cost containment measures and restructuring actions continue to progress as planned. GAAP and Non-GAAP operating expenses for the September quarter are expected to be approximately $580 million and $470 million respectively, increasing sequentially from the June quarter primarily due to higher variable compensation related to better financial performance. The Company ended the quarter with approximately $1.5 billion in cash and cash equivalents. "This quarter we returned to our long-term targeted margin profitability and operating income ranges and generated significant cash flow from operations," said Steve Luczo, chairman and CEO. "Our strong results reflect persistent growth and demand for cloud-based storage exabyte capacity and our new high capacity HDD products are gaining traction in the marketplace. At the same time, we are refreshing our full HDD product portfolio with cost optimized products and our organization continues to execute our company-wide restructuring and cost containment activities. With the ever-growing demand for HDD storage capacity and our focus on providing the most comprehensive product portfolio with leading technology, Seagate should continue to deliver solid financial performance and strong shareholder return for the years to come."

STX Seagate
$37.97

0.08 (0.21%)

09/26/16
CLVD
09/26/16
NO CHANGE
CLVD
Buy
Seagate at Cleveland Research
Cleveland Research said Seagate research remains positive with strong near-line HDD demand, stable mission critical demand, and improving mix. The firm's analyst is modeling CY17 earnings of $3.36, above consensus of $3.11, and sees near-term positive upside to revenues, margins, and earnings through at least CY16.
09/28/16
BMUR
09/28/16
NO CHANGE
Target $42
BMUR
Buy
Brean says surveillance a bigger, faster growing drive opportunity than realized
After meeting with executives from Seagate (STX) to discuss the video surveillance market, Brean Capital analyst Ananda Baruah acknowledged that he know believes the market is developing as potentially a much stronger revenue and margin opportunity for the company and peer Western Digital (WDC) than he'd realized. Video surveillance may account for at least 15%-20% of Seagate capacity shipped in 4-5 years and gross margin in the segment is currently about 200bp stronger than corporate average, said Baruah. The analyst, who estimates Seagate could ultimately generate $4.00-$6.00 in annual normalized EPS, keeps a Buy rating and $42 price target on the stock.
10/04/16
SBSH
10/04/16
NO CHANGE
Target $70
SBSH
Buy
Western Digital price target raised to $70 from $65 at Citi
Citi analyst Stanley Kovler raised his price target for Western Digital (WDC) to $70 saying he remains constructive on near-term hard-disk-drive and NAND trends heading into the Q3 earnings season. The analyst sees improved pricing in both sectors and believes the company is executing on its SanDisk integration. He keeps a Buy rating on the shares. Kovler also upped his price target for Neutral-rated Seagate (STX) to $37 from $29.
10/11/16
JPMS
10/11/16
UPGRADE
JPMS
Neutral
Seagate upgraded to Neutral from Underweight at JPMorgan
JPMorgan analyst Rod Hall upgraded Seagate Technology (STX) to Neutral citing more stable trends in the PC market. The analyst now sees a slower decline of 10k RPM drives shipped with servers. He raised his price target for Seagate shares to $38 from $20. Hall also kept a Neutral rating on Western Digital (WDC) but raised his price target for the stock to $59 from $53.

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