Needham & Company Reiterates a 'Strong Buy' on Seagate Technology (STX); Raising Numbers After Impressive Q3
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Price: $86.53 --0%
Rating Summary:
17 Buy, 27 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 10 | Down: 8 | New: 8
Rating Summary:
17 Buy, 27 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 10 | Down: 8 | New: 8
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Needham & Company reiterates a 'Strong Buy' on Seagate Technology (NASDAQ: STX) price target of $52.00.
Analyst, Richard Kugele, said, "We reiterate our rating and increase our price target based on our new 4x EV/EBITDA approach first described in our recent WD upgrade, driven by the likely further extension of the current favorable fundamental environment beyond initial expectations. With the bear arguments increasingly ringing hollow, in our view, we expect STX to continue to work its way higher in the coming months as the long-term earnings profile of $~7+ in EPS moves from being merely likely to reality."
Raises FY12 EPS estimate from $6.08 to $7.07 and FY13 from $8.82 to $10.63. FY12 revs from $15.3 bln to $15.4 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, Richard Kugele, said, "We reiterate our rating and increase our price target based on our new 4x EV/EBITDA approach first described in our recent WD upgrade, driven by the likely further extension of the current favorable fundamental environment beyond initial expectations. With the bear arguments increasingly ringing hollow, in our view, we expect STX to continue to work its way higher in the coming months as the long-term earnings profile of $~7+ in EPS moves from being merely likely to reality."
Raises FY12 EPS estimate from $6.08 to $7.07 and FY13 from $8.82 to $10.63. FY12 revs from $15.3 bln to $15.4 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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