Susquehanna analyst Mehdi Hosseini downgraded his view on the Memory/Storage sector, stating that top executives at Cloud service providers and Enterprise customers appear to have become more cautious about 2019 spending plans and the "digestion period" he has been anticipating by YE18 and into 1H19 appears to have evolved into a more worrisome "downturn." His updated view is that DRAM average selling prices will trend worse than prior expectations in the first half of 2019 and although NAND spending plans for the second half of 2018 have already been reduced, he expects more downward revisions there too. Overall, he now expects memory spending in 2019 to decline by 10%-15% year-over-year, which he notes is worse than his prior expectation of memory spending being down 8%-10%. As previously reported, Hosseini downgraded both Micron Technology (MU) and SK Hynix to Neutral from Positive and downgraded Seagate (STX) to Negative from Neutral.

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Sees Q4 revenue $1.7B-$2.0B, consensus $1.85B

Reports Q3 revenue $1.66B, consensus $1.68B. "Seagate's March quarter revenue grew 6% and non-GAAP EPS more than doubled over the December quarter as we benefit from improving cloud demand, our strong operating discipline and price execution. This combination sets the foundation for a return to target margin performance as the markets recover," said Dave Mosley, CEO. "This constructive demand backdrop is well-timed as we prepare to ramp our Mozaic products, anchored by industry-leading HAMR technology. HAMR-based products offer compelling economic value for our customers and position Seagate to drive further financial performance gains, as well as capitalize on favorable long-term demand for mass capacity storage."