UPDATE: Brean Murray Carret Raises Target to $26 on Seagate

Brean Murray Carret reiterates its Buy rating on Seagate STX and raises its price target to $26 from $23 as the company increases both dividends and share repurchases significantly. Brean Murray Carret says, "STX is committing to repurchase 10% - 15% of its market cap between the Sep Q 2011 and Jun Q 2012, and has issued a new authorization for an additional $1B (or 12% or cap at current levels). It's also increasing its dividend to $1.00 annually (5% yield) from $0.18 annually. Seagate reports Dec Q results Tues Jan 31." STX closed at $19.80 a share on Thursday.
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Posted In: Analyst ColorPrice TargetReiterationPre-Market OutlookMarketsAnalyst RatingsBrean Murray Carret
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