Seagate price target lowered to $80 from $85 at Barclays

Barclays analyst Tom O’Malley lowered the firm’s price target on Seagate to $80 from $85 and keeps an Equal Weight rating on the shares. The Seagate HAMR ramp at Google is delayed with no units shipped at least through the beginning of April, the analyst tells investors in a research note. The firm does not know how much of the first half of 2024 target was baked into numbers but assumes Seagate’s June quarter sales are at risk as well as gross margins as the company said HAMR is immediately accretive.