Market Overview

UPDATE: Bank of America Raises PT on Seagate Technology PLC Following Healthy F3Q13 Results

Share:
Related STX
Susquehanna Slashes Memory/Drive Semiconductor Names: Here's Why
Mid-Afternoon Market Update: Dot Hill Jumps On Acquisition News; Canadian Solar Shares Decline
Seagate Is In Trouble And Nobody Seems To Care (Seeking Alpha)

In a report published Thursday, Bank of America analyst Scott D. Craig reiterated a Neutral rating on Seagate Technology PLC (NASDAQ: STX), 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).”

Seagate Technology PLC closed on Wednesday at $36.94.

Latest Ratings for STX

DateFirmActionFromTo
Aug 2015SusquehannaMaintainsPositive
Aug 2015BMO CapitalMaintainsMarket Perform
Jul 2015Morgan Stanley

View More Analyst Ratings for STX
View the Latest Analyst Ratings

Posted-In: Bank of AmericaAnalyst Color Price Target Analyst Ratings

 

Related Articles (STX)

Get Benzinga's Newsletters