Seagate (STX) PT Raised to $47 at Needham & Company
- Wall Street hits record high for third day in a row
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
- Exclusive: Japan's TDK in talks to buy iPhone supplier InvenSense - sources
- Broadcom Ltd. (AVGO) Tops Q4 EPS by 11c
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
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"
Shares of Seagate Technology closed at $34.32 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Finisar (FNSR) PT Raised to $44 at Needham & Company, Estimates Raised Sharply
- Jefferies Cuts Price Target on Entergy (ETR) to $72 Following Announced PPA Termination
- MKM Partners Raises Price Target on Hartford Financial (HIG) to $55
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesNeedham & Company
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!