Needham & Company reiterates a 'Strong Buy' Seagate Technology (STX); Posts Epic F2Q, Easily Exceeding Positive Pre-Announcement; LT Outlook Raised Further

February 1, 2012 8:52 AM EST
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Price: $37.84 +1.72%

Rating Summary:
    7 Buy, 26 Hold, 5 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 12 | New: 15
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Needham & Company reiterates a 'Strong Buy' on Seagate Technology (NASDAQ: STX) price target raised from $35 to $45.

Needham analyst says, "We believe that the recent earnings season stands as a testament that the fundamental improvements in the space are poised to last long after all water has receded and equipment replaced. While the street continues to pit one drive company vs. another with all the savvy of a gambler playing red/black at the roulette table, the industry is busy bringing models back into economic prosperity. In terms of STX, the company is on track for some truly epic earnings, tech-leading dividends and massive buybacks."

"Raising estimates above consensus again. F12 goes to $15.3B/$6.08 vs. $14.9B/$5.25. F13 goes to $20B/$8.82 vs. $17.6B/$6.48."

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 $21.14 yesterday.

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