Wedbush 重申希捷(STX)、西部数据(WDC)跑赢大盘评级，看好 HDD 供不应求下两公司财报双双超预期

Seagate ( STX ) and Western Digital ( WDC ) remain the best positioned among hard disk drive manufacturers to surpass estimates in their upcoming quarterly earnings results and outlooks, according to Wedbush. "With demand significantly outpacing output and no apparent supply chain shocks, we believe HDD vendors again almost certainly set beatable bars, which they should have been able to exceed, particularly given typical intra-quarter opportunities to reprice some supply or eke out better shipments," said Wedbush analyst Matt Bryson in a Wednesday investor report. "Net, we expect both WDC and STX to produce some upside vs. current consensus based on initial forecasts." Wedbush reiterated its Outperform rating on both stocks along with a $1,000 price target on Seagate and a $650 target on Western Digital. "We believe STX will again report upside to both its guide (revenue of $4.1B +/- $100M and non-GAAP EPS of $7.30 +/- $0.20) and consensus ($4.13B and $7.39), with the greater portion of outperformance likely tied to margin gains," Bryson noted. "Our 58.3% GM estimate is north of consensus of 57.4%. However, given STX's recent history of under-forecasting GM expansion by 100bps+, we view our margin assumptions as likely conservative." Wedbush also highlighted that Seagate holds the shortest duration in its long-term agreements, which means it will be the first to charge accordingly related to a shortfall in storage supply. "Similar to STX, we anticipate WDC should report upside to its guide (revenue of $4.1B +/- $100M, GMs of 55% to 56%, and non-GAAP EPS of $3.85 to $4.15) and consensus ($4.13B and $4.07)," Bryson added. "While we believe upside in part should be tied to WD's tendency to guide conservatively, we also believe that WD had been slower in repricing its non-LTA deals (vs. peers) and that the company shifted its strategy to close some of that gap in CQ3/CQ4." Western Digital is slated to release first quarter fiscal 2027 results on Thursday, Oct. 22. A consensus estimate expects adjusted EPS of $4.10 on revenue of $4.15B. Meanwhile, Seagate plans to reveal its latest results on Tuesday, Oct. 27. A consensus estimate calls for adjusted EPS of $7.40 on revenue of $4.14B.