Goldman Sachs: Seagate Next-Quarter Guidance Beats Consensus, Maintains Buy Rating

According to Chaoxiang Research, Goldman Sachs' October 27, 2026 earnings review indicates that Seagate's median revenue guidance for the next quarter is $4.8 billion, 6.7% above market consensus; the median non-US GAAP diluted EPS guidance is $9.20, 7.8% above consensus. The company's quarterly revenue reached $4.233 billion and EPS stood at $7.68, both slightly surpassing market expectations.

Goldman Sachs notes that elevated pre-earnings expectations could dampen short-term reactions, yet operational trends remain positive. The report holds a Buy rating with a 12-month target price of $960, based on a valuation of $40 normalized EPS and a 24x P/E ratio. Future monitoring will focus on potential capacity expansion by Toshiba, hard drive pricing, and the customer qualification and shipment timelines for Heat-Assisted Magnetic Recording (HAMR) technology. Restraint in industry supply and technical certification hurdles are cited as the primary downside risks.