Seagate Technology Raises First-Quarter Guidance; Maintaining Fair Value Estimate and No-Moat Rating
Seagate Technology announced preliminary fiscal first quarter revenue that was modestly ahead of our expectations. However, the company also forecast higher operating expenses, which likely contributed to the stock’s 8% decline on Oct. 11. We are maintaining our no-moat rating, reiterate our $30 fair value estimate on the stock, and still view shares as modestly overvalued.We remain encouraged by Seagate’s performance as the underlying increase in enterprise HDD demand reaffirms our investment ...
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