Analysts Lift Seagate Price Target Post Q2 Earnings

By Benzinga
Benzinga
Benzinga
January 27, 2022 Updated: January 27, 2022

Analysts raised their price targets on Seagate Technology Holdings PLC following its Q2 beat and Q3 outlook.

Citi analyst Jim Suva raised the price target on Seagate to $105 from $100 and reiterated a Neutral rating on the shares.

Seagate continues to create and store value for its shareholders with a 1 percent beat on sales and a 2 percent beat on earnings in Q2, Suva notes.

Wells Fargo analyst Aaron Rakers raised the price target to $110 from $90 and maintained an Equal Weight rating on the shares.

The analyst notes that Seagate reported Q2 results in line with guidance and increased its revenue growth expectation for 2022.

Deutsche Bank analyst Sidney Ho raised the price target on Seagate to $110 from $100 and maintained a Hold rating on the shares.

The analyst came away from the company’s fiscal Q2 earnings more positive on its revenue growth opportunity for 2022.

However, Ho believes the stock’s risk/reward is relatively balanced at current levels and waits for a better entry point.

Benchmark analyst Mark Miller raised the firm’s price target to $112 from $102 and reiterated a Buy rating on the shares after the company posted upside in fiscal Q2 driven by record mass capacity drive shipments.

The company guided within expectations for the seasonally soft March quarter and projected 3 percent – 6 percent revenue growth for calendar 2022, noted Miller, who forecasts “a front-end loaded” FY22 with non-GAAP earnings growing 59 percent year-over-year.

By Anusuya Lahiri

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