Earnings Estimates Rising for Seagate (STX): Will It Gain?

Core Viewpoint - Seagate (STX) is positioned as a strong investment opportunity due to significant revisions in earnings estimates, indicating an improving earnings outlook [1][10]. Estimate Revisions - The trend in estimate revisions reflects growing analyst optimism regarding Seagate's earnings prospects, which is expected to positively influence its stock price [2]. - For the current quarter, Seagate is projected to earn $3.01 per share, representing a 58.4% increase from the previous year [6]. - Over the past 30 days, the Zacks Consensus Estimate for Seagate has risen by 27.97%, with no negative revisions reported [6]. - For the full year, the earnings estimate is $12.01 per share, marking a 48.3% increase from the prior year, with three estimates moving higher and no negative revisions [7]. Zacks Rank - Seagate currently holds a Zacks Rank 1 (Strong Buy), indicating strong agreement among analysts in raising earnings estimates, which historically correlates with stock price outperformance [3][9]. - Stocks with a Zacks Rank 1 and 2 have shown significant outperformance compared to the S&P 500 [9]. Stock Performance - Seagate's stock has increased by 62.2% over the past four weeks, driven by strong estimate revisions, suggesting potential for further upside [10].