Morgan Stanley Notes Buying Opportunity for Seagate Technology on Share Pullback
Morgan Stanley analyst Katy Huberty reported that the pullback of Seagate Technology (NASDAQ: STX) shares following second quarter results presents an opportunity to add positions.
Huberty noted that TAM concerns are overdone and that the HDD build rates may be above Morgan Stanley's 135 million estimates. The analyst added that a positive Mofcom ruling may be a catalyst. Seagate Technology suggested that the ruling may come shortly after its two-year anniversary on March 8.
Morgan Stanley rates Seagate as Overweight with a $68.00 price target
Shares of Seagate Technology closed at $49.28 on Friday.
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