UPDATE: JP Morgan Reduces PT to $25 on Seagate Technology on Reduced Guidance

JP Morgan reiterated its Neutral rating on Seagate Technology

and reduced its price target from $26 to $25 as it believes latest estimate cuts will hurt shares. JP Morgan noted, "We expect shares of Neutral-rated Seagate to lose investor support in the near term. Seagate's guidance could be a sign of increased conservatism, due to the macro uncertainty or the return of a stronger competitor in WD, or both factors. In any event, we think that shares of Seagate are likely to lose some glow as consensus estimates head lower." Seagate Technology closed at $30.43 on Monday.