UPDATE: Citi Raises Price Target on Seagate Tech to $28

According to Citi, Seagate Technology

price target is raised to $28. Citi said that after market-close, STX pre-announced Dec qtr results (a third guidance update since early Nov), with numbers significantly better than the previous Nov 28 outlook. “Consequently, we have raised our FY12 and FY13 EPS by 26-27% (see Fig 1), and increased our target to $28 (from $26).” Seagate Technology closed yesterday at $16.82.