Seagate (STX) Stock Soaring After Hours on Upbeat Q4 Revenue Forecast

Seagate (STX) reported impressive preliminary fiscal fourth quarter 2016 results after hours today.
By Rachel Aldrich ,

NEW YORK (TheStreet) -- Seagate Technology (STX) - Get Report  stock is rising 11.12% to $26.77 in after-hours trade on Monday after the company released optimistic preliminary fourth-quarter fiscal 2016 revenue results.

Seagate is a Dublin-based data storage provider.

The company now expects to report revenue of approximately $2.65 billion for the fiscal fourth quarter, beating analysts estimates of $2.32 billion.

Previously, Seagate had forecast revenue of approximately $2.3 billion for the upcoming quarter. The new estimate represents a 15% increase.

Seagate's fourth quarter earnings release is scheduled for Tuesday, August 2 before market open.

Separately, TheStreet Ratings rated this stock as a "hold" with a ratings score of C-.

The company's strongest point has been its a solid financial position based on a variety of debt and liquidity measures that TheStreet Ratings has looked at. At the same time, however, TheStreet Ratings finds weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and poor profit margins.

You can view the full analysis from the report here: STX

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. 

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