Seagate Technology is trading 7.7% down today at $799.34 as traders reposition ahead of its July 28 earnings report and react to a Wedbush price target hike to $1,000 that highlighted rich valuation and high expectations.
- The stock is seeing profit-taking after a significant rally, further pressured by broader weakness across the memory-chip sector.
- Investors are focused on whether upcoming margin and pricing data can justify the stock's current premium multiples.