UPDATE: Bank of America Reiterates Neutral Rating, Raises PT on Seagate Technology PLC Following Healthy F3Q13 Results

In a report published Thursday, Bank of America analyst Scott D. Craig reiterated a Neutral rating on Seagate Technology PLC

, and raised the price target from $40.00 to $45.00. In the report, Craig noted, “Consistent with WD's healthy F3Q13 results, Seagate posted revenue/EPS upside of 4%/9% in F3Q and provided F4Q outlook inline/slightly above expectations. Pricing and margins continue to hold up better than expected, as tepid end demand and limited visibility are well balanced with improving mix and rational planning by the HDD industry. While we believe expectations for PC demand recovery and HDD TAM in C2H13 are set sufficiently low today, we see limited near-term EPS upside to sustain the rally without any significant demand bounce back or share buybacks (to be resumed in F2Q14). Maintain Neutral.” Seagate Technology PLC closed on Wednesday at $36.94.