Wedbus Raises Seagate Price Target To $20 - Seagate Tech Hldgs (NASDAQ:STX)

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According to Wedbush, Seagate Technology (NASDAQ: STX) margins are likely to improve with industry consolidation. Wedbush said that it is raising the price target to $20 from $17. “We believe that the fundamentals of HDD stocks (STX and WDC) are improving, which provides a buying opportunity for the near-term. Raising our 12 month Price Target to $20. We are maintaining our NEUTRAL rating, keeping in view the longer term impact of cannibalization of notebooks with tablets and HDDs with SSDs. Our price target is based on a PE of 9x our fiscal 2012 estimated EPS of $2.13. The multiple is based on historically lower multiples for HDD vendors compared to peers in storage systems and IT Hardware.”Seagate Technology closed yesterday at $17.93.

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