Seagate downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Seagate Technology to Equal Weight from Overweight with a price target of $60, down from $72. The company’s "more cautious commentary" suggests the hard disk drive market recovery has been pushed out two quarters, with visibility in the timing of a recovery more limited, the analyst tells investors in a research note. As a result, the firm believes Seagate’s path to outperformance has also been pushed out, with risk more elevated in the near-term. Market conditions have deteriorated in the last six weeks, and confidence in the timing of Seagate’s recovery is limited, writes Morgan Stanley.