Benchmark Upgrades Seagate Technology (STX) to Buy
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
Benchmark upgraded Seagate Technology (NASDAQ: STX) from Hold to Buy with a price target of $45. The change follows strong preliminary Q1 results.
"Seagate preannounced upside results for the September quarter. Seagate now expects to report revenue of approximately $2.8 billion, and GAAP and non-GAAP gross margin of approximately 29%. The Company expects to report HDD exabyte shipments of approximately 67 exabytes, reflecting unit shipments of approximately 39 million and average capacity per drive of 1.7 terabytes. Seagate’s prior guidance for the September quarter was for sales of $2.7 billion and nonGAAP gross margins of 27%," noted analyst Mark Miller.
"Higher margins in conjunction with the 8.5% sequential increase in Exabyte shipments, versus the 5.6% sequential increase in unit shipments, indicates to us that Seagate continues to benefit from strength in its Nearline drive sales, as also seen last quarter," continued the analsyt.
Shares of Seagate Technology closed at $37.97 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- JPMorgan Raises Rating on CBOE Holdings (CBOE) to 'Overweight'; Analyst Thinks Bats Technology Will Drive Greater Trading Activity
- Drexel Hamilton Raises Price Target on Workday (WDAY) Following 3Q Beat
- Dougherty & Co Starts Quality Systems (QSII) at Neutral
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Upgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!