Brean Capital Cuts Price Target on Seagate Technology (STX) Following Negative Pre-Announcement
Brean Capital maintained a Buy rating on Seagate Technology (NASDAQ: STX), and cut the price target to $50.00 (from $65.00), following a negative March quarter pre-announcement. However, Brean Capital believes that the company's normalized EPS can remain at $4.00 - $5.00 for CY17 & CY18.
Analyst Ananda Baruah commented, "While Not A Pretty Mar Q by STX (and a tough last few Q's on balance), we remain long the stock here as we believe 1) after seeing the impact of the last few Q's that the softer PC biz has had on GM, STX will now be compelled to fundamentally address its cost structure and 2) Street won't understand this, providing Alpha opportunity."
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Shares of Seagate Technology closed at $33.93 yesterday.