1 Analyst Upgraded Seagate Stock. Then Earnings Happened.
Every day, Wall Street analysts upgrade some stocks, downgrade others, and "initiate coverage" on a few more. But do these analysts even know what they're talking about? Today, we're taking one high-profile Wall Street pick and putting it under the microscope...
Perhaps Loop Capital thought it was being clever. Heading into Seagate Technology's (NASDAQ: STX) fourth-quarter earnings report, optimism was running high. Wall Street was calling for only $2.6 billion in quarterly sales (a 3% decline from last year), but an amazing $0.99 per share in net profit -- a 43% year over year increase!
By all indications, Q4 was shaping up to be a blowout when earnings were released this morning. And so, at 4:30 p.m. EDT yesterday, Loop Capital initiated coverage of Seagate stock with a buy rating and a $50 price target. It was just hours before earnings were due, and Seagate was selling for less than $40 then -- so a good time to book a quick profit on imminent results.
Source: Fool.com
Western Digital Corp. Aktie
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