Brean Capital Remains Bullish on Seagate Technology (STX) Following June Pre-Announcement - PT to $35

Brean Capital reiterated a Buy rating on Seagate Technology (NASDAQ: STX), and raised the price target to $35.00 (from $30.00), following the company's June quarter pre-announcement.

Analyst Ananda Baruah commented, "While we continue to believe that STX can generate CY17 EPS of $3.00 - $3.50 (Street at $2.50 ahead of last evening), STX's positive Jun Q pre-announcement and subsequent 2HCY16 guide (particularly ASP & GM) suggest greater EPS power ahead of what we'd anticipated. As such, we continue to feel very good about our counter-consensus view on CY17 EPS. We're raising our TP to $35 from $30, or 10x - 11x our CY17 EPS."

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 $24.09 yesterday.

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