Auriga Starts Seagate Technology (STX) at Buy

Auriga initiates coverage on Seagate Technology (NASDAQ: STX) with a Buy rating and $29 price target.

The firm said, "We expect Seagate will be the big winner from ongoing industry consolidation, and believe investors continue to underestimate Seagate's free cash flow potential post merger. Yes, tablets are an issue, but even with very modest HDD unit growth going forward, Seagate should be able to deliver expanding margins and very attractive ROIC, and at the current valuation we believe the shares remain at an attractive entry point for longer term focused value investors."

For more ratings news on Seagate Technology click here and for the rating history of Seagate Technology click here.

Shares of Seagate Technology closed at $17.43 yesterday.

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