With its earnings release approaching, Seagate's share price is attracting attention following an upward revision to its earnings forecast

Seagate expects 2029 revenue of approximately US$31.1 billion and net income of approximately US$16.1 billion, driven by rising AI-led demand for data center storage and the adoption of Mozaic drives using HAMR technology. As a result, the company's share price performance has become a focus of market attention.

Analysts forecast earnings around 2029 on the assumption that revenue will grow at an annual rate of approximately 36.6% over the next 3 years and that the net profit margin will rise from the current 26.1% to approximately 51.6%. The backdrop is the view that wider adoption of Mozaic and stable pricing for nearline drives will substantially increase profit per exabyte.

Market estimates indicate that, while the current P/E is approximately 61.3x, the share price based on the 2029 target earnings level would need to trade at approximately 24.1x. Some believe this will be influenced by tight hard-drive supply and expanding demand for AI storage.

At the same time, risk factors including a slowdown in AI data center orders and macroeconomic effects could cause forecasts to fluctuate if the assumptions break down. Competitive developments, including Toshiba's expanded HDD production, also warrant attention.