Seagate price target lowered to $32 from $35 at Susquehanna

Susquehanna lowered the firm’s price target on Seagate to $32 from $35 and keeps a Negative rating on the shares. The analyst said their repor and guidance supports our thesis that a meaningful HDD EB rebound won’t happen until year end 2023 while also noting Seagate is in breach of debt covenants.