UPDATE 2-Seagate targets 2010 return to black but mkt weak

* Fiscal Q3 adjusted loss 45 cents a share

* Sees Q4 loss of 37-47 cents a share

* Sees return to profitability in FY 2010

* Stock down 1 pct after hours (Adds analysts' comment, earnings details)

SAN FRANCISCO, April 21 - Seagate Technology posted a third-quarter loss and said it expected a return to the black for fiscal 2010, but analysts warned about a persistently harsh market.

Analysts pointed to aggressive cost cutting as a key factor behind the improving bottom line, but said corporate spending on technology -- Seagate's main revenue source -- remained hesitant and the growing popularity of netbooks meant potentially lower margins.

The world's top disk drive producer posted on Tuesday a third-quarter loss of 45 cents, excluding special items, versus a Wall Street average forecast for the same.

But the firm said losses may narrow this quarter from the previous one. It foresees June quarter losses of 37 cents to 47 cents a share, including 8 cents per share -- or about $41 million -- for restructuring.

Seagate shares dipped 1 percent in after-hours trading from a regular close of $6.67 on Nasdaq.

"Assuming a relatively stable business environment, we believe we can improve margins and reach profitability within fiscal year 2010," Seagate Chief Executive Steve Luzco said in a statement.

"The de-stocking trend is behind us," said Ashok Kumar at Collins Stewart. "Shipments should match consumption."

Amit Daryanani of RBC Capital Markets said that could mean profits.

"Things are more or less in seasonable trends," he said. "The expectation is that they could get to profitability some time in the December quarter, if it happens."

Kumar said that with Windows 7 around the corner there could be some increase in computer unit sales, but that may not provide a huge boost to Seagate because many of the machines sold will be netbooks with lower-end disk drives.

In addition, Kumar said enterprises are still dragging their feet on IT spending.

Seagate reported revenues of $2.15 billion for its fiscal third quarter, bettering an average forecast of $1.99 billion.

It posted a net loss of $273 million, or 56 cents a share, for the quarter ending April 3, after a year-ago net profit of $344 million, or 65 cents a share.

The company sees fourth-quarter revenue outpacing its own expectations, at $1.9 billion to $2.2 billion.

This month, Seagate announced it had halted payment of its quarterly dividend.