Morgan Stanley analyst Erik Woodring raised the firm’s price target on Seagate (STX) to $337 from $270 and keeps an Overweight rating on the shares. Among the IT Hardware group, the firm recommends being overweight cloud capex winners, product-cycle beneficiaries such as Apple, and unique assets, while it suggests being underweight stocks with elevated memory exposure – like Dell (DELL) and HP (HPQ) – and is “increasingly more cautious” on memory-exposed names as well, the analyst tells investors in a year-ahead note.
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