UPDATE: Citigroup Increases PT on Seagate Technology from $32 to $35
Citigroup maintained a Buy rating on Seagate Technology (NASDAQ: STX) and increased its price target from $32 to $35.
Citigroup wrote, “While 2CQ results were largely in line with the pre-ann (July 5), the shares are down 8% in after hours following a 3CQ guide-down. More specifically, mgt now expects ASPs to decline 10% qoq and GM of >30% in the Sep qtr, which deviates from what investors had interpreted as flat ASP and 33-34% GM guidance in the pre-ann release just 4 weeks ago.”
Seagate Technology closed at $30.40 on Monday.
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