Needham & Company Reiterates Strong Buy on Seagate Technology (STX) Following Dot Hill Acquisition

Needham & Company reiterated a Strong Buy rating and $65.00 price target on Seagate Technology (NASDAQ: STX) following the accretive acquisition of Dot Hill.

Analyst Richard Kugele commented, "We are very positive on Seagate’s accretive acquisition of Dot Hill. Since we first initiated coverage of Dot Hill in October 2014, we have written that Dot Hill would likely be a compelling acquisition target due to 1) its being the last remaining enterprise-grade storage solution with an OEM-branding business model; 2) over 100 patents with proprietary ASIC and tiering software; 3) responsible management with extreme focus on expenses and leverage; and 4) proven growth within vertical markets with unique value proposition of enterprise grade storage and a willingness to sell alongside as either rebranded or Dot Hill branded."

For an analyst ratings summary and ratings history on Seagate Technology click here. For more ratings news on Seagate Technology click here.

Shares of Seagate Technology closed at $47.29 yesterday.

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