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Argus Research Upgrades Shares of Seagate Technology On Improved Growth Prospects

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Why This Needham Analyst Just Upgraded Seagate

Argus Research upgraded shares of Seagate Technology (NYSE: STX) from Hold to Buy on Monday morning.

The firm set a $65 price target on Seagate shares. Shares of Seagate Technology are up 2.64 percent or $1.41 to $54.84.

In addition to the above, Argus Research is raising its full-year non-GAAP earnings forecast to $5.10 per diluted share from a prior $5.07, and its full-year 2015 forecast to $5.64 from $5.53.

Argus Research also cited improving growth prospects along with more attractive valuations created by the broad pullback in technology shares a reason why it upgraded shares of Seagate Technology.

Argus Research also cited Seagate having a, “shareholder-friendly capital allocation policy, repurchasing shares opportunistically and paying a healthy dividend with a yield of more than 3%, providing downside protection from any broad market weakness.”

Latest Ratings for STX

DateFirmActionFromTo
Mar 2015NeedhamUpgradesBuyStrong Buy
Mar 2015JefferiesMaintainsBuy
Mar 2015Craig-HallumDowngradesBuyHold

View More Analyst Ratings for STX
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Posted-In: Argus ResearchAnalyst Color Upgrades Analyst Ratings

 

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