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Seagate kicks off with Neutral rating from Cleveland analyst

  • Seagate initiated with a Neutral rating by Cleveland analyst Chandler Converse
  • He cautions that short-term demand appears weak
  • He also expects EPS for April-June quarter to be towards bottom end of guidance

Seagate (NASDAQ: STX) was initiated with a Neutral rating at Cleveland Research on Friday. Analyst Chandler Converse started coverage of the company with this rating, saying that in the short term demand seems weaker given tariff issues and unstable hyperscale demand.

In the long run, he added, the firm also appears to be facing possible share losses in high-capacity drives. Converse also predicted that EPS (Earnings Per Share) for the April-June quarter will be towards the bottom end of guidance.