Seagate Technology (STX) PT Raised to $31 at BMO Capital

BMO Capital analyst Tim Long raised his price target on Seagate Technology (NASDAQ: STX) to $31.00 (from $22.00) following results that were in line with the positive pre-announcement, as well as strong guidance. The firm maintained a Market Perform rating.

Long commented, "Gross margin improved sequentially in the quarter and is looking to trend higher as restructuring actions take their course. Enterprise units and ASP impressed, as well. Management did not provide a firm view of TAM, while generally agreeing with WDC’s view of 110 million HDDs to be shipped in the September quarter. We continue to question the optimistic improvement in the rate of unit declines, owing to the various headwinds faced by most of the verticals. Our FY2017 EPS estimate goes to $3.04 from $1.99 and we are introducing an FY2018 estimate of $3.34."

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 $32.43 yesterday.

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