On October 28, Morgan Stanley cut its price target for Seagate Technology from $1,200 to $1,148, maintained its Overweight rating, and continued to name the company a top pick. According to Sina Finance, the cut followed slower-than-expected growth in hard-drive shipment capacity and cost reductions, prompting a slight reduction in earnings forecasts. Morgan Stanley said the hard-drive industry's long-term growth outlook remained unchanged, with demand still exceeding supply and driving prices higher. It also said Seagate's progress on heat-assisted magnetic recording (HAMR) technology was on track and that the company's historically low valuation continued to support its bullish view.