Seagate (STX) -1.5%  to $35.12 after Stifel's Aaron Rakers downgrades to Hold on valuation...

|About: Seagate Technology (STX)|By:, SA News Editor

Seagate (STX) -1.5%  to $35.12 after Stifel's Aaron Rakers downgrades to Hold on valuation grounds. Seagate has a 117% YTD gain, Rakers points out, compared with 47% for archrival Western Digital (WDC) and 13% for the S&P. Nonetheless, he thinks shares could rally to the high-$30s/low-$40s range thanks to a positive September analyst meeting and favorable hard drive supply/demand and margin trends. Seagate still only has a trailing P/E of 5.5.