Seagate's Stock Rally Has Outrun Its Own Guidance — Q4 Test on Deck - Seagate Technology Hldgs (NASDAQ:ST

Seagate Technology Holdings (STX) stock has seen a significant rally in 2026, surging past its own Q4 guidance and even exceeding consensus analyst price targets. While hyperscalers are driving demand for nearline HDD capacity for AI workloads, the stock's high valuation (80x trailing earnings) and the fact it has outperformed guidance pose a challenge for its upcoming earnings report. Even a beat on earnings may not be enough to satisfy the market given the stock's current trajectory.