$Seagate Technology PLC(STX)$

$Seagate Technology PLC(STX)$ $Western Digital(WDC)$ Bernstein thinks the market got Toshiba's comments wrong. Toshiba's press release said it's aiming to nearly double production capacity by fiscal 2027, which ends March 2028, not double hard disk drive capacity right away. If Toshiba doubles exabyte output while Western Digital and Seagate each grow exabyte by 25%, in line with their long-term plans, Toshiba's exabyte share would go from 11.2% to 16.8%. Bernstein notes a 5.6% increase in market share isn't that alarming and nowhere near the 30% market share reported in the press. They see the news as a storm in a teacup and would look to buy Seagate and Western Digital on the selloff, reiterating Outperform ratings on both names.

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