RBC Capital analyst Mitch Steves keeps his Sector Perform rating on Seagate after its analyst day, saying the company's revenue growth outlook of 2%-6% looks "solid" but its operating margin forecast of 13%-16% looks light. The analyst notes that the forecasts implies "minimal operating leverage" for Seagate at this time and expects investors to focus on the company's margin trends since the company did not offer a gross margin outlook in its presentation.

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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."