Seagate price target lowered to $70 from $75 at Rosenblatt

Rosenblatt analyst Kevin Cassidy lowered the firm’s price target on Seagate to $70 from $75 and keeps a Buy rating on the shares. Seagate reported disappointing results for the March ending quarter and a disappointing outlook for the June ending quarter, the analyst tells investors in a research note. Cloud and enterprise customers are cautious in placing orders and demand from China is improving at a slow rate, says the firm. It continues to recommend the shares for the longer term need for mass storage and Seagate’s leadership in the hard disk drive market.