Seagate Technology (STX) PT Raised to $40 at Susquehanna, Remains 'Negative'

Susquehanna analyst Mehdi Hosseini raised the price target on Seagate Technology (NASDAQ: STX) to $40.00 (from $34.00) while maintaining a Negative rating.

The analyst commented, "Increasing estimates to reflect better than seasonal trends in higher capacity Nearline demand, which combined with STX's leading position at 16TB bodes well for EPS trends near term. But in our view, Nearline alone is not enough as a L-T earning growth driver especially as SSD penetration into Client, (mission critical) Enterprise, and Gaming market accelerates all while Toshiba is increasing HDD product mix."

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