Seagate slips after quarterly results; Morgan Stanley trims PT

By Reuters News10:55 (UTC), 28 October 2026 Updated

** Shares of data storage provider Seagate Technology STX.O fall 1.39% to $658.57 premarket

** Co posted Q1 revenue of $4.23 bln on Tuesday, above analysts' average estimate of $4.14 bln, according to data compiled by LSEG

** Brokerage Morgan Stanley cuts PT to $1,148 from $1,200 on weaker exabyte growth and smaller cost declines

** Co, however, forecast Q2 revenue of $4.8 bln, plus or minus $100 mln, above estimates of $4.32 bln

** Average rating of 27 analysts is "buy"; median PT is $1,000 - data compiled by LSEG

** Up to last close, stock more than doubled YTD

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