What to Expect From Seagate Technology Holdings’ Q4 Earnings?


Deutsche Bank analysts provided their outlook on Seagate Technology Holdings (NASDAQ:STX) ahead of the upcoming Q4 earnings, reducing their estimates to reflect a more uncertain IT spending environment. While noting that cloud spending appears to remain healthy, the analysts are cautious on signs that enterprise IT spending is starting to slow, with some companies suggesting inventory adjustments and other companies slowing down hiring.
The analysts also expect the recovery in the surveillance market to be slow due to ongoing COVID lockdowns in China. In addition, PC unit shipments have declined sharply in Q2 and they expect the market to remain stagnant.
The analysts lowered their 2022/2023 EPS estimates to $8.29/$8.75 from $8.65/$9.60, which is below the Street estimates of $8.64/$9.40. The analysts mentioned that they are most interested in how the company guides for the full 2023-year revenue growth, which they currently expect to be roughly flat year-over-year, below the long-term guidance of up 3-6%.
The analysts lowered their price target on the company’s shares to $82 from $95, while maintaining their hold rating.


Follow us on Google news for more updates and News










Full Disclaimer








>

FREE

Get the most important news and analyses for Free.

Thank you for subscribing.

Something went wrong.