Morgan Stanley analyst Erik Woodring believes Seagate March quarter HDD recovery was shallower than expected, but adds that reduced channel inventory and the firm’s proprietary HDD tracker give the firm "conviction" that a recovery is still progressing off the December quarter trough. Despite the signs it sees emerging of a "slightly slower" March quarter production ramp, the quarter-over-quarter recovery in March/June "remains on-track," contends the firm, which maintains an Overweight rating and $72 price target on Seagate shares.
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