Seagate Technology (STX): Raising PT After Positive Preannouncement - Baird

Baird analyst, Tristan Gerra, reiterated his Neutral rating on shares of Seagate Technology (NASDAQ: STX) and raised his price target to $37 from $32 after the company announced better than expected preliminary F1Q17 results. Upside was driven by strength in cloud-based storage exabyte capacity, while new high capacity HDD products are gaining traction.

Preliminary revenue is ~$2.8 billion, up from guidance of $2.7 billion. Preliminary GAAP and non-GAAP gross margin is 29%, up from guidance of 27%, driven by better-than-expected demand for high capacity enterprise HDD products.

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 $35.10 yesterday.

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