Seagate Technology Holdings plc (NASDAQ:STX) is set to release its earnings results for the fiscal second quarter on January 27, just after the market’s closing. Analysts project that the Singapore-based company will report earnings of $2.84 per share, marking a notable increase from $2.03 per share in the same period last year. Revenue estimates are promising as well, with a consensus forecast of $2.75 billion compared to $2.33 billion a year prior, according to data from Benzinga Pro.
Recently, Seagate exceeded expectations with its first-quarter earnings, reported on October 28, and the positive momentum continued as Seagate shares climbed by 3.5%, closing at $358.29 on Monday.
Recent analyst ratings reflect a varied yet optimistic outlook for Seagate. Morgan Stanley analyst Erik Woodring retained an Overweight rating, adjusting the price target upward from $337 to $372 on January 22. UBS’s Timothy Arcuri has kept a Neutral rating while increasing the price target from $230 to $335, showing confidence in the company’s ability to perform. Meanwhile, Citigroup analyst Asiya Merchant and B of A Securities analyst Wamsi Mohan both maintained Buy ratings, with price targets now at $385 and $400, respectively. Analyst Kevin Cassidy from Rosenblatt also reaffirmed a Buy rating and lifted the target from $270 to $370.
With these insights, investors considering Seagate stock can draw from a foundation of analyst confidence that underscores the company’s potential for growth.