UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Seagate Technology

In a report published Monday, Deutsche Bank reiterated its Hold rating on Seagate Technology (NASDAQ: STX), and raised its price target from $28.00 to $30.00.

Deutsche Bank noted, “Rapid petabyte growth and a shift to cloud and mobility were prominent themes at STX's Analyst Day held this morning in NYC. As we expected, the company lowered its F1Q-13 guidance on lower TAM and updated its longterm operating model, which included higher gross margin (GM) targets. With a softer near-term demand environment being well telegraphed to the Street, we saw the day as mostly in line to slightly positive. We have reduced our sales estimates on softer demand but increased our EPS estimates and PT to $30 from $28 on higher GMs and buybacks. With short-term headwinds a risk, we see shares as fairly valued; maintain Hold.”

Seagate Technology closed on Friday at $30.96.

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