- Citing improving margins and a favorable hard drive supply/demand balance, Argus has upgraded Seagate (STX +3%) to Buy. Archrival Western Digital (WDC +2.2%) is also rallying.
- Seagate had a 28% GM in its December quarter (flat Q/Q and +100 bps Y/Y), and guided for margins to be roughly flat Q/Q in the March quarter. Western had a 30.1% GM (+30 bps Q/Q and +140 bps Y/Y), and guided for March quarter GM to be near the midpoint of a 27%-32% target range.
- Both companies have seen a margin boost from hard drive industry consolidation. Seagate reports on April 29, and Western on April 30.
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