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Actionable news in STX: Seagate Technology.,

Barclays Says Sell Seagate With Cost Cutting Near Conclusion

Barclays downgraded Seagate (STX) to Underweight, its equivalent of a sell rating, from Equal Weight. The company's cost cutting initiatives have largely come to an end, while it is losing share to its rival, Western Digital (WDC), in the high margin hard disk drive market, Barclays believes. Furthermore, Western Digital looks increasingly like it could acquire Toshiba's (TOSBF) memory unit, which could lead more investors to sell Seagate and buy Western Digital, Barclays warned.

COST CUTTING NEAR DONE: Seagate's cost cutting story is "mostly over," as it has already "streamlined its...