Seagate, Western Digital Shares Plunge

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Seagate, Western Digital shares plunge after analyst downgrades both storage stocks due to pricing pressure
• Evercore ISI lowers its rating to underperform from in line for Seagate shares and reduces its rating to in line from outperform for Western Digital’s stock.
• The firm’s analyst predicts ASPs for NAND flash memory will fall by a “low double digit” percentage into first half 2019.
• Both companies sell HDDs and flash memory storage devices.