Seagate price target lowered to $66 from $69 at Mizuho

Mizuho analyst Vijay Rakesh lowered the firm’s price target on Seagate to $66 from $69 and keeps a Buy rating on the shares. The company reported a “modestly softer” June quarter and guided to a weaker September quarter, reflecting continued softness in China and weaker enterprise, as customers’ near-term spending focus has shifted towards artificial intelligence applications, the analyst tells investors in a research note. However, the firm thinks Seagate is well positioned for a cloud and enterprise rebound, improved pricing, and potential storage tailwinds from generative AI imaging/video generation.