Brean Murray Carret reiterates its Buy rating on Seagate STX and raises its price target to $30 from $26 a share as the company provides much stronger and comprehensive guidance than expected.
Brean Murray Carret says, "STX's guidance comments were both much stronger and more comprehensive than we'd imagined – and that's saying something, because we were expecting a lot from each. Said another way, (prudently) implied EPS for Mar Q / Jun Q / CY12 EPS feels like at least $2.05 / $2.52 / $10.50 (our new estimates) vs. Street of $1.88 / $1.76 / $6.54 (and our “old estimates” of $1.88 / $2.00 / $8.00. For what it's worth, Dec Q revenue and EPS of $3.2B and $1.32 was stronger than Street at $3.15B and $1.08."
STX closed at $21.14 a share yesterday.
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