Deutsche Bank Upgrades Seagate Technology (STX) to Hold
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Deutsche Bank upgrades Seagate Technology (NYSE: STX) from Sell to Hold. Price target $10
Deutsche analysts says, "STX positively pre-Announced F4Q09 results, driven by higher than expected industry TAM, more favorable pricing, and improved operational efficiencies. As a result of better demand, better than expected cost improvements, and a healthy overall industry environment, we are raising our estimates for STX and upgrading to Hold from Sell. While positive news is likely priced in, we believe investors will continue to look to STX's ability to earn $1 in EPS within the 2 next years...While we continue to see STX's enterprise biz at risk to SSDs, our concern is reflected in our model...We have raised our estimates to reflect better HDD demand, more modest pricing, and STX's cost structure improvements. As a result, of tangible changes under new management, we now believe a $1 EPS is attainable in FY11."
To see more analyst ratings on STX Click Here.
Seagate Technology is engaged in the design, manufacture and marketing of hard disc drives.
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