Seagate Technology (STX) PT Lowered to $73 at BofA Securities as weak end markets create pressure on earnings and balance sheet

BofA Securities analyst Wamsi Mohan lowered the price target on Seagate Technology (NASDAQ: STX) to $73.00 (from $75.00) while maintaining a Buy rating.

"Heading into earnings we see end markets remaining weak. Specifically, mass capacity markets including VIA and hyperscale remain challenged... STX is a cyclical stock and we use a higher multiple on lower earnings. We revise our income rating to 8 (same/lower) from 7 (same/higher) as we see weaker cash generation in the near term."

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