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Argus Research Upgrades Shares of Seagate Technology On Improved Growth Prospects

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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
Jan 2015CitigroupMaintainsBuy
Jan 2015JP MorganMaintainsNeutral
Dec 2014Longbow ResearchDowngradesBuyNeutral

View More Analyst Ratings for STX
View the Latest Analyst Ratings

Posted-In: Argus ResearchAnalyst Color Upgrades Analyst Ratings

 

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