Seagate price target raised to $70 from $60 at Wedbush

Wedbush raised the firm’s price target on Seagate to $70 from $60 and keeps a Neutral rating on the shares. The firm said the results were somewhat below consensus, albeit in-line with the company’s revised guide. Wedbush continues to believe Seagate nearline volumes are set to rebound in Q4 helped by a large CSP purchase order that it believes should yield incremental units beyond the additional 500,000 units the firm ahs modeled quarter-over-quarter.