Bank of America Merrill Lynch Reiterates Neutral Rating, $34 PT on Seagate Technology

In a report published Wednesday, Bank of America Merrill Lynch reiterated its Neutral rating and $34.00 price target on Seagate Technology

. BofA Merrill Lynch noted, “Seagate pre-announced slightly better than expected C4Q12 results with modestly better than expected units/TAM (although note we recently lowered), pricing and margins. Industry pricing/margins appear to be holding up better than expected despite the weakened demand environment although we note better pricing/margins could be a result of mix (more enterprise), rather than better industry fundamentals. That said, we believe we are still 1-2 quarters away from the bottom of the cycle (seasonally soft PC demand in C1H13) – maintain Neutral.” Seagate Technology closed on Tuesday at $31.39.