Barclays on U.S. IT Hardware: Cutting Estimates Again on STX & WDC

June 28, 2012 2:49 PM EDT Send to a Friend
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Barclays on U.S. IT Hardware: Cutting Estimates Again

Analyst, Ben A. Reitzes is lowering estimates on Equalweight-rated Seagate (NYSE: STX) and Western Digital (NYSE: WDC).

After recent channel checks, the Barclays analyst, says the PC market has remained weak. Personal HDD storage devices is also slower than originally anticipated. Reitzes had lowered estimates on May 29, 2012, but says things have continued eroding since then. One positive, both Seagate and Western Digital have been prudent and disciplined on pricing and inventory levels.

For STX: Q4 EPS is lowered from $2.54 to $2.45, FY13 from $8.86 to $8.15 and FY14 from $6.00 to $5.50. Barclays also cuts its price target by $1 to $28. To see more ratings on STX, Click Here

For WDC: Q4 is cut from $2.69 to $2.53, FY13 from $9.03 to $8.54 and FY14 from $7.00 to $6.60. PT also lowered from $37 to $33. To see more ratings on WDC, Click Here



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