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)

By David Lawsky

SAN FRANCISCO, April 21 (Reuters) - Seagate Technology (STX.O) 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.