Seagate Technology (STX): Prelim Results Warrant a PT Increase But No Upgrade - Baird
Baird analyst, Jayson Noland, raised his price target on Seagate Technology (NASDAQ: STX) after the company reported decent preliminary results relative to soft expectations, citing outperformance in Enterprise HDDs. He views the cloud as a long-term opportunity but with some trepidation given recent pricing dynamics, paired with uncertain secular trends in both client compute and primary storage.
No change to Neutral rating but price target increases to $29 from $25.
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Shares of Seagate Technology closed at $24.09 yesterday.