Seagate Technology (STX): Raising PT After Positive Preannouncement - Baird
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Baird analyst, Tristan Gerra, reiterated his Neutral rating on shares of Seagate Technology (NASDAQ: STX) and raised his price target to $37 from $32 after the company announced better than expected preliminary F1Q17 results. Upside was driven by strength in cloud-based storage exabyte capacity, while new high capacity HDD products are gaining traction.
Preliminary revenue is ~$2.8 billion, up from guidance of $2.7 billion. Preliminary GAAP and non-GAAP gross margin is 29%, up from guidance of 27%, driven by better-than-expected demand for high capacity enterprise HDD products.
Shares of Seagate Technology closed at $35.10 yesterday.
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