Seagate (STX) posted record earnings and guidance above Wall Street expectations, yet its stock fell 27.16% over the past month and sits 41.6% below its 52-week high of $1,143.27. Investors have grown worried that AI infrastructure spending may not last, and storage peers such as Western Digital also declined. Fiscal Q1 2027 revenue rose 61.0% year over year, with data-center customers taking 90% of last quarter's shipped capacity; non-GAAP EPS of $7.68 and revenue of $4.23B both beat estimates, though the size of the beat narrowed. The average target of 25 analysts is $1,091.58, while Melius Research holds the Street-high target of $1,600. For the December quarter, Seagate guided to revenue of $4.80B and EPS of $9.20.
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