Brean Murray Carret reiterates its Buy rating on Seagate STX and raises its price target to $26 from $23 as the company increases both dividends and share repurchases significantly.
Brean Murray Carret says, "STX is committing to repurchase 10% - 15% of its market cap between the Sep Q 2011 and Jun Q 2012, and has issued a new authorization for an additional $1B (or 12% or cap at current levels). It's also increasing its dividend to $1.00 annually (5% yield) from $0.18 annually. Seagate reports Dec Q results Tues Jan 31."
STX closed at $19.80 a share on Thursday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Posted In: Analyst ColorPrice TargetReiterationPre-Market OutlookMarketsAnalyst RatingsBrean Murray Carret
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in