Goldman Sachs: Seagate next-quarter guidance beats consensus, Buy rating maintained

深潮 TechFlow reports, citing 潮向研究, that Goldman Sachs Group's October 27, 2026 earnings flash noted Seagate's next-quarter revenue guidance midpoint of $4.8 billion, 6.7% above market consensus; non-GAAP diluted EPS guidance midpoint of $9.20, 7.8% above consensus. The company's revenue this quarter was $4.233 billion and EPS was $7.68, both slightly above market expectations.

Goldman Sachs believes elevated pre-earnings expectations may limit short-term reaction, but operating trends remain positive. The report maintains a Buy rating and a 12-month price target of $960, with valuation based on normalized EPS of $40 and a 24x P/E multiple. Going forward, key items to track include potential capacity expansion at Toshiba, hard drive pricing, and customer qualification and shipment progress for heat-assisted magnetic recording (HAMR) technology. A lack of industry supply discipline and difficulties in technology qualification are the main downside risks listed.

Source: 深潮 TechFlow