BofA analyst Wamsi Mohan lowered the firm’s price target on Seagate to $73 from $75 and keeps a Buy rating on the shares ahead of the company reporting fiscal Q3 earnings after market close on Thursday, April 20. The firm sees end markets remaining weak, specifically noting that mass capacity markets including VIA and hyperscale remain challenged. Seagate is a cyclical stock and the firm is using a higher multiple on lower earnings, it notes, adding that it sees weaker cash generation in the near-term.
Published first on TheFly
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