RBC Capital lowered its price target on Seagate Technology (NASDAQ: STX) to $45.00 (from $50.00) while maintaining a Sector Perform rating, following the company's first quarter results.

Analyst Amit Daryanani notes the shares turned negative following the earnings announcement, as the company reported softer revenue trends, despite improving gross margins and OPEX controls, resulting in a mixed report with a revenue miss and EPS beat.