Seagate Technology (STX) PT Lowered to $73 at BofA Securities as weak end markets create pressure on earnings and balance sheet
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Price: $644.58 -7.98%
Rating Summary:
29 Buy, 19 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 14 | Down: 50 | New: 9
Rating Summary:
29 Buy, 19 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 14 | Down: 50 | New: 9
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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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