UPDATE: Morgan Stanley Lowers Price Target On Seagate Technology As Pricing Concern Is Overblown

In a report published Tuesday, Morgan Stanley analyst Katy L. Huberty reiterated an Overweight rating on Seagate Technology PLC (NASDAQ: STX), but lowered the price target from $77.00 to $71.00.

In the report, Morgan Stanley noted, “Strong cloud demand is the silver lining in an otherwise messy quarter with competitors taking advantage of mix benefits to price more aggressively. We expect pricing stability to return in short order and see today's pullback as a buying opportunity. Remain OW.”

Seagate Technology closed on Monday at $59.06.