Downgrade Alert for Seagate Technology (STX)
Seagate Technology (NASDAQ:STX) was downgraded from Outperform to Sector Perform at RBC Capital today. The stock closed yesterday at $20.48 on volume of 18.8 million shares, above average daily volume of 7.7 million.
There is potential upside of 115.7% for shares of Seagate Technology based on a current price of $20.48 and an average consensus analyst price target of $44.18. The stock should find initial resistance at its 50-day moving average (MA) of $31.74 and further resistance at its 200-day MA of $38.07.
Seagate Technology designs, manufactures, and markets rigid disc drives for enterprise, personal computer, and consumer electronics applications.
Over the past year, Seagate Technology has traded in a range of $21.61 to $60.09 and closed yesterday at $20.48, -5% above that low. 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%.
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