Morgan Stanley lowered the firm’s price target on Seagate (STX) to $129 from $133 and keeps an Overweight rating on the shares, which are the analyst’s new IT Hardware Top Pick, replacing Apple (AAPL). The firm’s model now accounts for a lower March-end quarter revenue base, with revenue and EPS now forecast at $2.1B and $1.65, though it sees this supply issue as transitory, the analyst tells investors. The firm’s increased comfort in the hard disk drive cycle persisting, alongside the transitory supply issues, can “create a June quarter revenue snap-back,” the analyst contends.
Maximize Your Portfolio with Data Driven Insights:
- Leverage the power of TipRanks' Smart Score, a data-driven tool to help you uncover top performing stocks and make informed investment decisions.
- Monitor your stock picks and compare them to top Wall Street Analysts' recommendations with Your Smart Portfolio
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on STX:
- Options Volatility and Implied Earnings Moves This Week, January 21 – January 24, 2025
- STX Upcoming Earnings Report: What to Expect?
- Seagate price target lowered to $124 from $130 at BofA
- Seagate price target lowered to $110 from $130 at Mizuho
- Evercore ISI lowers Seagate estimates to reflect supply constraints