Seagate Technology Holdings Plc (NASDAQ:STX) shares gained Wednesday after the company reported better-than-expected fourth-quarter results and issued first-quarter guidance above Wall Street estimates.
Rosenblatt analyst Kevin Cassidy said Seagate delivered a "clean beat-and-raise" quarter, with stronger pricing, a widening supply-demand imbalance and higher long-term earnings estimates reinforcing his bullish outlook.
He also maintained a Buy rating on Seagate and raised his price target to $1,400 from $1,300.
Fourth-quarter revenue of $3.63 billion topped the high end of guidance as well as his and consensus estimates.
Total shipments reached 218 exabytes, while blended pricing rose 6.7% sequentially and 10.6% year over year to $16.65 per terabyte.
