Wells Fargo cuts target for Seagate Technology stock to USD 865.00

Published on 10/19/2026 at 09:02 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Wells Fargo keeps Overweight on October 16, 2026. Seagate Technology stock costs EUR 583.00 on October 19, 2026, 16.71 percent below Xetra.

Targets and earnings calendar

Wells Fargo cut its target from USD 1,180.00 to USD 865.00 on October 16, 2026.
Seagate reported USD 3.63 billion in quarterly revenue on July 28, 2026, up 48.50 percent year over year.
Seagate Technology stock trades at EUR 583.00 at 8:58 a.m. CEST at Lang & Schwarz on October 19, 2026, 16.71 percent below the Xetra close of October 16, 2026.

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Seagate Technology (IE00BKVD2N49) stock was trading at EUR 583.00 at Lang & Schwarz on October 19, 2026 at 8:58 a.m. CEST, 16.71 percent below the Xetra close of October 16, 2026 at EUR 700.00. The immediate catalyst was a sharp Wells Fargo target reduction, while the firm kept its Overweight rating.

Wells Fargo lowers its target

According to MarketBeat on October 16, 2026, Wells Fargo lowered its Seagate target from USD 1,180.00 to USD 865.00 and maintained an Overweight rating. The cut reduced the target by 26.69 percent, but the retained rating shows that the analyst view remained constructive despite the repricing.

The same report said Seagate had delivered adjusted earnings of USD 5.71 per share against a USD 5.10 consensus estimate in the quarter reported on July 28, 2026. Revenue reached USD 3.63 billion against USD 3.50 billion expected, a USD 130.00 million beat, while year-over-year growth was 48.50 percent.

What does the next report test?

The central question is whether demand can support the valuation after the target reset. Seagate had set fiscal first-quarter 2027 guidance at USD 7.10 to USD 7.50 adjusted earnings per share, according to MarketBeat. That range gives the October report a concrete test: the company must show that the strong fiscal 2026 revenue base can carry into the new year.

Three dates frame the stock

On July 28, 2026, Seagate reported USD 3.63 billion in quarterly revenue. On October 13, 2026, Seagate announced that fiscal first-quarter 2027 results would follow on October 27, 2026. On October 16, 2026, Wells Fargo cut its target to USD 865.00 from USD 1,180.00.

The next substantiated date is October 27, 2026, when Seagate plans to report fiscal first-quarter 2027 results after the US market closes and hold its conference call at 5:00 p.m. ET, according to Seagate.

Price reset meets an earnings test

Seagate's stock reaction puts the upcoming report ahead of the calendar. The company enters that date with fiscal 2026 revenue of USD 12.20 billion and operating profit of USD 4.09 billion, while the latest quarterly revenue figure was USD 3.63 billion. The contrast points to a market demanding proof that data-center storage demand can sustain the recent scale of growth.

Seagate Technology stock was trading at EUR 583.00 at Lang & Schwarz on October 19, 2026 at 8:58 a.m. CEST, 16.71 percent below the Xetra close of October 16, 2026 at EUR 700.00. The further course of trading is shown by the continuously updated real-time quote of Seagate Technology stock.