UPDATE: Citigroup Increases PT on Seagate Technology from $32 to $35

Citigroup maintained a Buy rating on Seagate Technology 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.