Seagate price target lowered to $65 from $73 at BofA

BofA lowered the firm’s price target on Seagate to $65 from $73 and keeps a Buy rating on the shares. Demand remains weak in "all end markets," and Seagate saw a rapid decline of demand in the last several weeks of fiscal Q3, the analyst noted. There is increased risk from potentially worse pricing in Nearline, although supply reductions could lower this risk, says the firm, which reiterates its Buy rating despite the near-term macro headwinds on secular demand trends from cloud and path it sees to higher capacity HAMR HDDs.