Needham & Company Maintains a 'Strong Buy' on Seagate Technology (STX); Lots of Noise, But Q4 Consistent With Preannouncement

Needham & Company maintains a 'Strong Buy' on Seagate Technology (NASDAQ: STX) price target of $42.00.

Analyst, Richard Kugele, said, "Lost in the noise of the quarter and Street estimates is the record result STX posted, with dramatic cash flow, a raised dividend (~4.5% yield) and a targeted share count far below prior expectations. In the current weak demand environment and clear balanced supply/demand it is difficult to argue the positive benefits post-flood are still at work, and yet the results remain record-setting. Consequently, we see great value in the shares of STX and maintain our Strong Buy." (FY13 EPS estimate lowered from $8.84 to $8.50)

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 $30.43 yesterday.

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