UPDATE: FBN Securities Raises Seagate Technology's PT from $25 to $40

According to a research report published earlier today, FBN Securities has increased Seagate Technology's (NYSE: STX) Target Price from $25 to $40 as STX expects to obtain revenue of at least $20B in C2012.

In the report, FBN Securities explains, “For the FQ3/Mar. quarter, STX is guiding for revenue of at least $4.3B (in line with consensus of $4.34B). We increase our FQ3 NG EPS estimate from $2.04 to $2.07 (higher than consensus of $1.88). STX expects to ship over 60M units, a GM greater than 33%, a NG opex of around $405M, and a total of 465M shares outstanding.”

FBN Securities maintains its Outperform rating for Seagate Technology, which closed yesterday at $21.14.