UPDATE: Jefferies Starts Seagate Technology (STX) at Buy

Jefferies initiated coverage on Seagate Technology (NASDAQ: STX) with a Buy rating and a price target of $70.00.

Analyst James Kisner comments, "We like STX shares as, like WDC, we expect the company will benefit from: 1) robust storage growth in public and private clouds; 2) growth opportunities in flash-based storage via the company’s recent acquisition of LSI’s Flash/SSD assets from Avago; 3) increasingly benign industry dynamics. We also look favorably on the Xyratex acquisition, which gives the company unique positioning to deliver custom system-level storage products to the Cloud. We are initiating with a Buy Rating and a $70 Target."

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 $57.06 yesterday.

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