UPDATE: FBN Securities Reiterates Outperform Rating, Raises PT on Seagate Technology

In a report published Wednesday, FBN Securities reiterated its Outperform rating on Seagate Technology (NASDAQ: STX), and raised its price target from $33.00 to $35.00.

FBN Securities noted, “We retain our Outperform rating and raise our PT from $33 to $35 to reflect STX's slightly positive results last night and positive data points from our checks. Last night, STX preannounced FQ4/Dec. revenue of at least $3.6B (higher than the prior guidance of approximately $3.5B), gross margin of more than 27% (in line with prior guidance of GM being at the low-end of the 27-32% range) and total unit shipments of 58M (higher than our prior 57.3M units).”

Seagate Technology closed on Tuesday at $31.39.

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