Seagate Reports Solid First-Quarter Results but Issues Mixed Guidance; Raising FVE to $36
Seagate reported fiscal first-quarter results that surpassed our expectations and reiterated a long-term gross margin target range that reinforced its strategic commitment to focus on high-capacity hard-disk drives for cloud-based data centers, which reaffirms our investment thesis. The company also noted its decision to not participate in certain areas of the low-capacity HDD market, which we think will support Seagate’s long-term profitability. However, management provided a guidance outlook f...
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