Morgan Stanley Downgrades Seagate, Cuts Price Target By 25%
- Date: 06-Oct-2021
- Source: Yahoo News
- Sector:Financial Markets
- Country:Middle East
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.