On July 29, Seagate Technology PLC rose 4.11% in after-hours trading, trading at $755.00/share, with turnover of $32.18 million. The stock rebounded following the release of its fiscal Q4 earnings report after the regular session close on July 28.

Heading into the report, the storage sector had experienced intense selling pressure, with Seagate declining nearly 8% during the regular session on July 28 amid a broad sector rout. Morgan Stanley had previously warned that the AI-driven semiconductor storage boom was approaching an inflection point, with memory contract prices expected to peak in Q4, while capacity expansion from emerging competitors threatened longer-term pricing power. Market consensus expected EPS of $4.89 for the quarter, with revenue projected to grow approximately 43% year-over-year.

Despite the bearish pre-earnings sentiment, the after-hours rebound suggests results may have alleviated some investor concerns. Multiple institutions had maintained bullish stances ahead of the report, with JPMorgan raising its target to $1,095 and Wedbush lifting its target to $1,000, citing AI data center capital expenditure recovery and margin expansion from high-capacity nearline HDD product mix improvement.

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