These Analysts Increase Their Forecasts On Seagate Following Better-Than-Expected Results

Core Insights - Seagate Technology Holdings PLC reported better-than-expected first-quarter earnings, with earnings per share (EPS) of $2.61, surpassing the analyst estimate of $2.37, and quarterly revenue of $2.62 billion, exceeding the Street estimate of $2.54 billion [1][2] Financial Performance - The company experienced a revenue growth of 21% year-over-year in the September quarter, with non-GAAP EPS exceeding the high end of the guided range [2] - For the second quarter, Seagate projects adjusted EPS between $2.55 and $2.95, compared to the previous estimate of $2.62, and revenue is expected to be in the range of $2.6 billion to $2.8 billion, against the prior estimate of $2.65 billion [2] Stock Market Reaction - Following the earnings announcement, Seagate shares rose by 13.5%, trading at $253.00 [3] - Analysts have adjusted their price targets for Seagate, with Rosenblatt maintaining a Buy rating and raising the target from $250 to $270, while Barclays maintained an Equal-Weight rating and increased the target from $200 to $240 [5]