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Benchmark ‘buy’ on Seagate after Q2 earnings beat

by January 22, 2025
written by January 22, 2025

Investing.com — Benchmark upgraded Seagate Technologies to “Buy” and raised its price target to $120 citing strong cloud and AI-driven demand as key growth drivers, which helped the storage company beat quarterly earnings estimate.

Seagate’s fiscal Q2 results exceeded expectations, with non-GAAP earnings of $2.03 per share on revenue of $2.33 billion, ahead of consensus estimates of $1.88 per share on $2.32 billion in revenue. HDD sales rose 57% year-over-year to $2.17 billion, while mass capacity sales climbed 79% year-over-year to $1.89 billion.

Seagate’s PMR drives in the mid-to-high 20 TB range and the company announced ramp-up of its 36 TB Mozaic drives, amid growing storage demands.

“Driven by robust cloud demand that improved margins, Seagate posted upside F2Q25 results. While a supply constraint is expected to impact the March quarter, we see continued strong cloud demand along with growing AI business driving results in 2H25 and 2026,” analyst said.

This post appeared first on investing.com
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