Seagate price target lowered to $70 from $74 at Northland

Northland analyst Gus Richard lowered the firm’s price target on Seagate to $70 from $74 and keeps an Outperform rating on the shares following the company’s "weak" quarter and fiscal Q4 guidance. While cloud and enterprise customers holding on to cash is reducing demand, the firm argues that restructuring and HDD capacity reduction intersecting with depleted end-user HDD storage capacity is a matter of "when, not if," and that Seagate is well positioned with technology leadership.