Goldman Sachs Downgrades Seagate Technology (STX) to Sell

Goldman Sachs downgraded Seagate Technology (NASDAQ: STX) from Neutral to Sell with a price target of $44.00 (from $50.00).

Analyst Mark Delaney is negative on the equity as HDDs likely reaching a cyclical peak in 2018 due to incremental pressure from NAND oversupply. The analyst believes the ocmpany's fundamentals are peaking and will decline in 2019, sees margin headwinds on the horizon and believes the valuation premium over peers is unwarranted.

For an analyst ratings summary and ratings history on Seagate Technology click here. For more ratings news on Seagate Technology click here.

Shares of Seagate Technology closed at $55.04 yesterday.

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