Jefferies Downgrades Seagate Technology (STX) to Hold
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Jefferies downgraded Seagate Technology (NASDAQ: STX) from Buy to Hold with a price target of $29.00 (from $40.00).
Analyst James Kisner suspects the company could still be struggling with the ramp of 10TB helium drives according recent channel checks. The analyst tells clients in a morning note that he is hearing "about potential increased price competition in nearline." Further Kisner remains concerned that the company is fully exposed to accelerated incursions in the HDD market from NAND as the supply conditions loosen given the company's lacking of a clear NAND strategy at this point.
FY 2017 EPS estimate remains at $4.12 and FY 2018 EPS estimate falls from $3.54 to $3.16.
Shares of Seagate Technology closed at $31.99 Friday.
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