Brean Murray Carret Raises Price Target on Seagate Technology (STX) and Becomes More Bullish

Brean Murray Carret & Co. is reiterating its Buy rating on Seagate Technology (NASDAQ: STX) and is raising its price target from $26 to $30 following the release of its Q2 results.

The company reported solid Q2 results with earnings exceeding expectations. The firm was bullish ahead of the release, but now is extremely bullish and encourages investors to aggressively buy shares till they reach $30.

For Q3 and FY12, the firm increased its EPS estimates from $1.88 and $5.31 to $2.05 and $6.27. Brean Murray Carret also forecasts CY12 EPS could reach $12 as management guided CY12 sales in the $20 billion range.

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 $21.14 yesterday.

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