Broadpoint.Amtech Reiterates a 'Buy' on Seagate Technology (STX); Adjusts Estimates
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Broadpoint.Amtech reiterates a 'Buy' on Seagate Technology (NYSE: STX), price target $20.
Broadpoint analyst says, "Seagate reported solid September quarter results that were ahead of the guidance ranges it provided during its pre-announcement two weeks before quarter-end...Lowering our Street-high December quarter EPS due to higher operating expenses: We are lowering our December quarter non-GAAP EPS from $0.67 to $0.62. Though we raised our revenue and gross margin assumptions slightly, the decline is due to higher expenses (guidance $335M vs. our estimate of $295M) as the company is restoring salaries and increasing variable compensation...We recommend owning the stock through year-end as we believe fundamentals should remain favorable through early 2010. Lean HDD inventory combined with high utilization should keep pricing firm despite seasonality. An enterprise recovery and potential for further gross margin improvement still lie ahead."
To see more analyst ratings on STX Click Here.
Seagate Technology engages in the design, manufacture, marketing, and sale of hard disk drives for the enterprise, mobile computing, desktop, consumer electronics, and branded solutions market applications of the disk drive industry in North America, the Far East, and Europe.
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