Summit Insights analyst Kinngai Chan upgraded Seagate Technology to Buy from Hold. The analyst believes most headwinds are now behind Seagate. While some lingering concerns remain about the risk of a muted cloud capex and the continued PC total address market decline, the company should experience a demand recovery, the analyst tells investors in a research note. The firm believes hard disk drive industry demand-supply dynamics will improve through 2023 and that Seagate is well positioned to outperform expectations.
Published first on TheFly
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