Argus Research Upgrades Shares of Seagate Technology On Improved Growth Prospects
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.”
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