Seagate (STX) PT Raised to $47 at Needham & Company

October 20, 2016 7:24 AM EDT
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Price: $37.78 +2.38%

Rating Summary:
    8 Buy, 26 Hold, 4 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 35 | Down: 30 | New: 8
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Needham & Company analyst Richard Kugele reiterated a Strong Buy rating and raised his price target on Seagate Technology (NASDAQ: STX) to $47.00 (from $43.00) following results.

Kugele commented, "While it can be argued that Seagate was slow to react to the shift in demand from client server to cloud in 2015, the company has now rapidly and successfully pivoted its business, reduced its capacity and cost structure and positioned itself for a dramatic rebound in performance. Street estimates will likely move higher once again as STX is now comfortably in the midpoint of its target margin range. Finally, with cash flow improving and the dividend well covered, we believe even those bears expecting a cut must now revisit that thesis. We reiterate our Strong Buy and increase our PT to $47 from $43 based on 12x F17 EPS of $3.90"

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 $34.32 yesterday.

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