Seagate price target lowered to $65 from $75 at Barclays

Barclays analyst Tom O’Malley lowered the firm’s price target on Seagate to $65 from $75 and keeps an Overweight rating on the shares following the fiscal Q3 report. The nearline inflection was pushed out coupled and pricing pressure from cloud customers leaves the company’s 2023 as more of a transition year, similar to peers, versus hopes of an earlier recovery, the analyst tells investors in a research note. The firm views the quarter as a "painful setback."