Morgan Stanley Downgrades Seagate, Cuts Price Target By 25%

Morgan Stanley Downgrades Seagate, Cuts Price Target By 25%

Morgan Stanley analyst Katy Huberty downgraded Seagate Technology Holdings PLC (NASDAQ: STX) from Overweight to Equal-weight with a price target of $88.00, down from $118.00, implying a 3.35% upside.

Huberty comments that Seagate benefits from accelerating data storage growth as enterprises adopt new data technologies like AI & IoT, helping return the company to mgmt's LT target for 3-6% revenue CAGR.