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.
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- Seagate price target lowered to $124 from $130 at BofA
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- Evercore ISI lowers Seagate estimates to reflect supply constraints
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