Seagate Technology (STX) PT Raised to $95 at Stifel
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Stifel analyst Patrick Ho raised the price target on Seagate Technology (NASDAQ: STX) to $95.00 (from $90.00) while maintaining a Buy rating.
The analyst commented, "Following Seagate’s 3Q21 earnings results/outlook and commentary, we believe it executed strongly across all fronts, validating our long-term thesis. From a market perspective, the company delivered a better-than-expected tone on data center/cloud and enterprise spending that sets it on track to grow “at least” +10% y-o-y in CY21. Seagate is well positioned in this growing market and this tailwind could persist into 2022, in our view. On the operating model front, management was firm in stating it can reach 30% gross margins in FY22 with sequential improvements targeted through the rest of CY21. Finally, Seagate delivered as promised on the capital allocation front, returning free cash flow to shareholders. Our long-term view is the industry transition to mass capacity storage will change the industry landscape, and in turn, the multiples for the name. We raise our target price to $95 (following another increase in estimates) and recommend purchasing on any weakness on Friday."
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