Seagate price target raised to $55 from $45 at Wedbush

Wedbush analyst Matt Bryson raised the firm’s price target on Seagate to $55 from $45 and keeps a Neutral rating on the shares. Seagate modestly exceeded the firm’s estimates and the midpoint of prior guidance despite concerns lighter than expected near-line demand amidst deteriorating macro conditions could weigh more heavily on results, Wedbush notes. While Q3 guidance was light of prior consensus earnings, the firm believes the more important aspect was Seagate’s indication that nearline shipments are anticipated to lift modestly.