Needham & Company Downgrades Seagate Technology (STX) to Hold; Demand Dimming

Needham & Company downgraded Seagate Technology (NASDAQ: STX) from Strong Buy to Hold.

Analyst, Richard Kugele, said, "We are downgrading STX to Hold from Strong Buy on concerns that slower industry demand conditions, inventory at OEMs and share shifts post LTAs may weigh on 2HC12 results. We do not rate STX as Underperform as the company has significant cash flow being redeployed into buybacks and dividends, and should still maintain a margin profile well ahead of historical industry standards."

FY13 EPS Estimate slashed from $8.50 to $6.96 and FY14 from $9.65 to $7.57. FY13 revenues chopped from $17.01B to $16.08B and FY14 from $17.2B to $15.8B.

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 $32.53 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Amazon.com (AMZN) PT Raised to $215 at UBS
• Acrivon Therapeutics Inc (ACRV) PT Lowered to $22 at Jones Trading
• First Cash Financial (FCFS) PT Lowered to $140 at TD Cowen