Benchmark analyst Mark Miller noted that Seagate saw a heavy selloff after its Q3 report despite top line upside and only a "modest" bottom line miss, which he attributes to "overzealous expectations" and an overreaction to the company's projected June quarter sales. However, he notes that historically the June quarter is the weakest quarter of the year and he sees margins remaining high in 2H. Miller, who expects Seagate to grow earnings in FY18 despite "slightly" lower sales, views the post-earnings pullback as overdone and keeps a Buy rating with a $50 price target on the stock.

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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."