Seagate Technology (STX) PT Raised to $120 at Stifel

October 22, 2021 1:55 PM EDT
Get Alerts STX Hot Sheet
Price: $105.70 -2.6%

Rating Summary:
    17 Buy, 26 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 10 | Down: 12 | New: 31
Trade Now! 
Join SI Premium – FREE

News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.

Stifel analyst Patrick Ho raised the price target on Seagate Technology (NASDAQ: STX) to $120.00 (from $115.00) while maintaining a Buy rating.

The analyst commented, "Following Seagate’s 1Q22 earnings call, we were pleasantly surprised on the improving near-term demand outlook, and long-term, we believe our secular thesis in the name was also reinforced. We noted that demand trends, particularly on the cloud/data center end remained healthy, and this came in even better than we thought as our December quarter forecast was raised, along with its FY22 (June) outlook. The FY22 outlook increase is particularly noteworthy, given the improved visibility and the continued shift toward mass capacity drives. Seagate also delivered strong results led by better-than-expected margins, which we believe have more upside longer term. Finally, some of the concerns coming in were addressed (channel inventory) and some are overblown (PC concerns, crypto-currency) and weighed unnecessarily on the name. Our estimates are increasing, and in turn, our target price increases to $120, based on the same 2.5x EV/sales multiple off our new CY22 revenue forecast."



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Analyst Comments, Analyst PT Change

Related Entities

Stifel, Raising Prices, Earnings