Seagate (STX) Target Priced Lifted to $54 at Needham & Company

October 22, 2013 9:04 AM EDT
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Price: $37.02 +0.33%

Rating Summary:
    8 Buy, 26 Hold, 4 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 10
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Needham & Company analyst Richard Kugele reiterated a Buy rating and raised his price target on Seagate Technology (NASDAQ: STX) from $51 to $54.

"We are adjusting our estimates for STX to account for its 32.7M share repurchase from Samsung as well as a more muted December TAM expectation than we had originally modeled," Kugele said. "Nevertheless, we believe STX will be able to buy back stock more consistently throughout C14 and soon announce a dividend increase, which combined with its resilient competitive position should benefit the stock through the mid-$50s. We maintain our Buy rating and increase our price target slightly to $54 from $51 based on 9.5x C14E EPS of $5.64."

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 $50.49 yesterday.

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