UPDATE: Deutsche Bank Upgrades Seagate Technology on Industry Expectations/Attractive Valuations

In a report published on Tuesday, Deutsche Bank analyst Sherri Scribner Upgraded Seagate Technology STX from Hold to Buy and raised the price target on the company from $40 to $46.

In the report, Deutsche Bank noted, "We have been positive on the HDD industry for some time, and believe current valuations are an attractive entry point, despite Seagate's recent strong stock performance. We expect the positive mix shift to higher- margin enterprise drives to offset slower PC demand, and expect HDD unit growth to resume at low-single digit levels staring in C2H-13."

Seagate Technology closed Wednesday at $42.17.