Deutsche Bank Downgrades Seagate Technology (STX) to Hold

Deutsche Bank downgraded Seagate Technology (NASDAQ: STX) from Buy to Hold with a price target of $20 (down from $23).

The firm comments, "STX's shares are up 48% over the past 3 months (S&P500 up 5%) as the market has rightly seen the company as the beneficiary of supply disruptions in Thailand. While we see peak EPS results in FY-12, driven by higher pricing and margins, we expect EPS to normalize in FY-13 back to more historical margin levels. We are also adjusting our industry TAM estimates lower based on more detail from HDD companies. As a result of the recent strong move in STX's shares, we are downgrading to Hold from Buy and adjusting our PT to $20 from $23."

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 $17.76 yesterday.

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