UPDATE: Bank of America Reiterates Neutral Rating, Lowers PT on Seagate Technology PLC on Solid Execution, Macro Weakness

In a report published Thursday, Bank of America analyst Scott D. Craig reiterated a Neutral rating on

, but lowered the price target from $49.00 to $47.00. In the report, Bank of America noted, “F4Q13 EPS of $1.20 was inline with expectations as better gross margin and non-operational items ($0.02) offset higher opex. Guidance was inline. Similar to past quarters, pricing/margins continue to hold up, with better mix and pricing discipline offsetting weak demand. While we believe expectations for PC demand recovery and HDD TAM in C2H13 are set sufficiently low, we see limited near-term EPS upside to sustain the rally without meaningful recovery in demand. Neutral.” Seagate Technology PLC closed on Wednesday at $44.19.