Jefferies Says Upside to Seagate (STX) CY17 Estimates is Likely; PT to $38
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Jefferies analyst James Kisner reiterated a Buy rating and raised his price target on Seagate Technology (NASDAQ: STX) to $38.00 (from $32.00) after hosting an investor meetings at the Jefferies Semiconductors, Hardware & Communications Infrastructure Summit in Chicago with Seagate CFO Dave Morton.
Kisner said discussion with the company suggests improving competitive dynamics in the HDD industry.
"We believe upside to our CY17 estimates is increasingly likely; we are therefore raising our Price Target on STX shares," the analyst said.
Shares of Seagate Technology closed at $33.92 yesterday.
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