Evercore ISI lowers Seagate estimates to reflect supply constraints

Evercore ISI analyst Amit Daryanani lowered the firm’s March-end quarter estimates for Seagate (STX) after the company filed an 8-K on December 3, noting they are experiencing some delays in bringing capacity back online and that the delays are expected to have a $200M impact on revenue in the quarter. The firm’s whose revenue and EPS estimates now stand at $2.1B and $1.74, respectively, versus consensus at $2.3B and $1.88, notes that its FY26 estimates remain unchanged as it sees no material impact assumed beyond the March-end quarter. Evercore maintains an Outperform rating and $135 price target on Seagate shares.