Seagate reduced revenue outlook at analyst day, says FBN Securities

FBN Securities said Seagate at today's analyst day lowered its Q1 revenue outlook to 5%-7% lower than its prior target of greater than $4B. However, FBN believes the Street expected the reduction after Western Digital's (WDC) guidance, and points out Seagate is more optimistic than Western Digital about long-term HDD growth. FBN keeps an Outperform rating on Seagate.