Wells Fargo slashes Seagate price target to $865, shares tumble over 5%
Wells Fargo analyst Joseph Quatrochi cut Seagate Technology's price target from $1,180 to $865, citing competitive pressure and insider selling. The downgrade sent the stock down 5.34% to $653.95 in trading. The move comes ahead of Seagate's fiscal Q1 2027 earnings, which management expects to generate $4.0‑$4.2 billion in revenue. The analyst kept an Overweight rating despite the lower target.
Why it matters
The lower target reduces the upside potential that investors had priced in, and the share‑price decline may affect short‑term trading strategies. The price‑target cut also highlights concerns about cash generation and supply‑demand dynamics before the upcoming earnings release.
Key facts
- 1Wells Fargo reduced Seagate's price target to $865 from $1,180. marketscreener.com
- 2Seagate shares fell 5.34% to $653.95 after the target cut. gurufocus.com
- 3The stock was trading at $690.81 in pre‑market trading before the cut. marketscreener.com
- 4Seagate reported fiscal‑year free cash flow of $3.1 billion on revenue of $12.195 billion, a 25.4% margin. gurufocus.com
- 5Management expects Q1 2027 revenue of $4.0 billion‑$4.2 billion. gurufocus.com
Summary written by AlphAI AI Desk from 5 of 5 sources. Not investment advice. Figures are as stated by the linked sources.