Barclays Reiterates an 'Overweight' on Seagate Technology (STX); Update to Normalized Earnings
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Price: $994.79 +2.19%
Rating Summary:
30 Buy, 18 Hold, 2 Sell
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Today's Overall Ratings:
Up: 12 | Down: 23 | New: 20
Rating Summary:
30 Buy, 18 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 20
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Barclays reiterates an 'Overweight' on Seagate Technology (NASDAQ: STX) price target raised from $31 to $36.
Analyst, Ben A. Reitzes, said, "Seagate's confidence in its CY12 guidance for $20B in revenue should ease some near-term concerns regarding the pace of HDD price declines. More importantly, in our view, STX's commentary that gross margins could remain at a level exceeding 30% after CY12 seems very meaningful to the perception of "normalized" earnings."
Q4 EPS estimate raised from $2.03 to $2.53, FY13 from $7.56 to $9.67 and FY14 from $5.26 to $7.15. FY13 revs bumped from $18.3 bln to $19.34 bln and FY14 from $16.45 bln to $16.76 bln.
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 $27.89 yesterday.
Analyst, Ben A. Reitzes, said, "Seagate's confidence in its CY12 guidance for $20B in revenue should ease some near-term concerns regarding the pace of HDD price declines. More importantly, in our view, STX's commentary that gross margins could remain at a level exceeding 30% after CY12 seems very meaningful to the perception of "normalized" earnings."
Q4 EPS estimate raised from $2.03 to $2.53, FY13 from $7.56 to $9.67 and FY14 from $5.26 to $7.15. FY13 revs bumped from $18.3 bln to $19.34 bln and FY14 from $16.45 bln to $16.76 bln.
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 $27.89 yesterday.
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