Seagate Technology Holdings plc (STX)

Outperform Recap: Q3 FY26

Structural Growth, Declared and Funded: 47% Gross Margin, a 20%+ Revenue Target, Allocation Through 2027, and a June Guide 27% Above the Street — Maintaining Outperform

Outperform Recap: Q2 FY26

Fully Allocated Through 2026, Records on Every Line, and a March Guide 15% Above the Street — Maintaining Outperform as the Debate Shifts From the Business to the Multiple

Outperform Recap: Q1 FY26

The 40% Milestone Falls a Quarter Early: Five Hyperscalers on HAMR, Visibility Through 2027, and 70% Incremental Margins — Upgrading to Outperform

Hold Recap: Q4 FY25

Nine Straight Quarters of Record Margins and a Floor Sold Out Through Mid-2026, but a Tax-Muddied Guide Tests a Stock Priced for Perfection — Initiating at Hold