Barclays Adjusts PT & Estimates on Seagate Technology (STX); Still Cautious on PC Product Transition

Barclays maintains an 'Equalweight' on Seagate Technology (NASDAQ: STX) price target of $29.00 (from $26.00).

Analyst, Ben A. Reitzes, said, "We believe the lower guidance for the remainder of CY12 along with the significant rise in finished goods inventories show that the PC market remains weak - and presents some risks still into September. Positives include plans to repurchase even more stock through CY-end 2014 and an increased dividend."

FY13 EPS estimate lowered from $7.35 to $7.26, revenues from $17.02B to $15.81B. For FY14, EPS estimate raised from $5.20 to $5.80, revenues from $14.65B to $14.64B. FY15 at $5.50 and $13.58B

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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