Loop Capital analyst Ananda Baruah keeps his Buy rating and $70 price target on Seagate after hosting investor meetings with its CFO and the VP of Investor Relations. The analyst believes that the company is "structurally attractive" entering the hyperscale cycle expected to last through at least the first half of 2020, adding that its 16TB ramp is offering "share gain and unique economics." With high price target at a 11.6-times expected forward earnings multiple, Baruah sees the Seagate valuation toward the low end of 10- to 14-times range that investors typically pay for comparable growth and operating margins.

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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."