UPDATE: Barclays Downgrades Seagate Technology (STX) to Equalweight; Cuts Estimates; Range-Bound Summer

May 29, 2012 8:46 AM EDT
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Price: $36.63 -1.64%

Rating Summary:
    8 Buy, 26 Hold, 4 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 22 | Down: 32 | New: 34
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(Updated - May 29, 2012 12:35 PM EDT)

Barclays downgraded Seagate Technology (NASDAQ: STX) from Overweight to Equalweight. PT lowered from $36 to $29.

Analyst, Ben A. Reitzes, said, "Downgrading to EW given several factors that could keep shares range-bound over the near term. This call is not really about the current quarter, but certain developments could impact guidance around September and December."

Specific factors include (Neutral to Negative) news on PC flow, increased inventories and secular concerns. FY13 EPS estimate lowered from $9.67 to $8.86 and FY14 EPS estimate cut from $7.15 to $6.00. FY13 revenues lowered from $19.3 to $18.5 bln and FY14 from $16.8 to $15.58 bln.

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 $26.18 yesterday.

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