J.P. Morgan Maintains Neutral Rating On STX

Analysts at J.P. Morgan reiterated their Neutral rating for shares of Seagate Technology (

), but reduced the price target to $16 from $19. In its report J.P. Morgan states, "Improving conditions in the enterprise PC and server/storage markets are providing partial offsets but are not enough of a backstop. As a result, our revised forecast incorporates below seasonal growth for 2H 2010. Seagate Technology engages in the design, manufacture, marketing, and sale of hard disk drives for the enterprise, mobile computing, desktop, consumer electronics, and branded solutions market applications of the disk drive industry in North America, the Far East, and Europe.