Stifel analyst Patrick Ho resumed coverage of Seagate Technology with a Hold rating and $62 price target. The company's valuation upside is "somewhat limited" in the near term given the stock's run in 2019, Ho tells investors in a research note. The analyst, however, believes there are favorable near-term and long-term market dynamics for Seagate. A recovery in data center spending is transpiring, and this is likely to carry into 2020, driving potential upside to estimates, contends Ho.

Check out this evening's top movers from around Wall Street, compiled by The Fly. HIGHER AFTER EARNINGSAudioEye (AEYE) up... To see the rest of the story go to thefly.com. See Story Here

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."