Seagate (STX -4.2%) drops after Needham's Richard Kugele downgrades to Underperform. Kugele's...

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

Seagate (STX -4.2%) drops after Needham's Richard Kugele downgrades to Underperform. Kugele's talks with industry players indicate demand is weak notonly for desktop and notebook hard drives (unsurprising), but also for enterprise (server/storage) drives. He's also cutting his PT for Western Digital (WDC -0.4%), but reiterates a Strong Buy due to conservative guidance and the expected benefits of integrating Hitachi's hard drive ops and internally sourcing drive heads. (S&P) (Stifel)