Downgrade Alert for Seagate Technology (STX)
Seagate Technology (NASDAQ:STX) was downgraded from Neutral to Underweight at JP Morgan today. The stock closed yesterday at $20.48 on volume of 18.8 million shares, above average daily volume of 7.7 million.
Seagate Technology designs, manufactures, and markets rigid disc drives for enterprise, personal computer, and consumer electronics applications.
In the past 52 weeks, Seagate Technology share prices have been bracketed by a low of $21.61 and a high of $60.09 and closed yesterday at $20.48, -5% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1% while the 50-day MA has declined 1.7%.
Potential upside of 115.7% exists for Seagate Technology, based on a current level of $20.48 and analysts' average consensus price target of $44.18. The stock should run into initial resistance at its 50-day moving average (MA) of $31.74 and subsequent resistance at its 200-day MA of $38.07.
SmarTrend recommended that its subscribers protect gains by selling shares of Seagate Technology on April 14th, 2016 by issuing a Downtrend alert when the shares were trading at $28.39. Since that call, shares of Seagate Technology have fallen 23.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Keywords: analyst upgrades/downgrades Seagate Technology