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Fly News Breaks for May 1, 2019
STX
May 1, 2019 | 09:12 EDT
As previously reported, Craig-Hallum analyst Christian Schwab upgraded Seagate to Buy from Hold as he believes the company is managing the current slowdown in hyperscale spending well and believes it is positioned to improve as demand returns in 2020. The analyst also thinks the company can return to operating within its target gross margin range of 29%-33% in 2020 as a result of significant exabyte growth expected for nearline HDDs. Schwab also raised his price target on the shares to $56 from $41.