Seagate price target raised to $65 from $60 at Credit Suisse

Credit Suisse analyst Shannon Cross raised the firm’s price target on Seagate to $65 from $60 and keeps a Neutral rating on the shares. The firm estimates Q2 revenue declined 44% year-over-year to $1.75B, primarily reflecting weaker demand in China, as well as inventory digestion at U.S. cloud and OEM customers. While Credit Suisse thinks demand trends have not worsened, it does not expect a rebound until at least Q1 2024, as inventory levels remain elevated.