Argus Downgrades Seagate Technology (STX) to Hold
Argus downgraded Seagate Technology (NASDAQ: STX) from Buy to Hold.
The analyst said the directional decline in the gross margin is worrisome. "While Seagate is now focusing on the cloud data center in the enterprise space, it is still highly dependent on HDD volume sales in the client channel," they note.
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Shares of Seagate Technology closed at $27.11 yesterday.