Seagate Technology Holdings plc (NASDAQ: STX) appears well positioned to benefit from the growing need for data storage as artificial intelligence and cloud infrastructure require ever-greater capacity. The company’s fiscal first-quarter 2027 results highlighted the strength of that demand. Revenue rose 61% year over year to $4.2 billion. On a non-GAAP basis, earnings per share grew 194% to $7.68. Data center sales contributed $3.4 billion, and Seagate delivered a record 198 exabytes of nearline capacity. For the December quarter, management expects revenue to reach approximately $4.8 billion.
Despite those strong quarterly results, the stock fell 5%. Investors were concerned that shipment growth fell short of expectations. However, Bank of America reiterated its Buy rating and $1,200 price target, viewing the slowdown as temporary as the company shifts to newer HAMR technology.
Despite those strong quarterly results, the stock fell 5%. Investors were concerned that shipment growth fell short of expectations. However, Bank of America reiterated its Buy rating and $1,200 price target, viewing the slowdown as temporary as the company shifts to newer HAMR technology.
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