Seagate price target lowered to $68 from $70 at Rosenblatt

Rosenblatt analyst Kevin Cassidy lowered the firm’s price target on Seagate to $68 from $70 and keeps a Buy rating on the shares. While market demand remains weak, the firm is “impressed with management’s initiatives to lower costs and improve profitability” and it recommends owning the shares ahead of the “U-shaped recovery” the firm is modeling for the Seagate income model with above seasonal growth starting in the second half of FY24.