Brean Murray Carret & Co. Raises Price Target on Seagate Technology (STX), Sees $8-$9 in Upside Given Everything

Brean Murray Carret & Co. is reiterating its Buy rating on shares of Seagate Technology (NASDAQ: STX) while raising its price target from $23 to $26.

The firm highlights shares of STX offer extreme downside risk given its committed to repurchase 10-15 percent on tis market cap between the September quarter 2011 and June quarter 2012. STX's board has also agreed to increase its annual dividend rate from $0.72 to $1.00.

Brean Murray Carret notes they are buyers at current levels as the buyback plan offers an additional $0.55 to CY12 EPS. The firm the also believes its adds roughly $2 per share in extra value.

From current levels, the firm sees a possible $8-$9 increase in shares following the completion of the buyback plan. The Street's consensus will likely continue to rise.

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 $19.80 yesterday.

---

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

---

You May Also Be Interested In

• Advance Auto Parts (AAP) PT Lowered to $48 at DA Davidson Following 25% Selloff Post Q2 Results
• Bernstein SocGen on Meta Platforms Inc. (META): 'Risk-reward remains attractive'
• Revolution (RVMD) PT Raised to $179 at Bernstein SocGen Group