UBS noted Seagate is restructuring in an attempt to improve margins, but they remain concerned about the decline in Hard Disk Drives and pricing cuts, which the firm sees as likely to put more pressure on margins. The firm believes a dividend cut is more likely before the next dividend announcement in the summer. UBS reiterated its Sell rating and lowered its price target to $14 from $20 on Seagate shares.

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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."