UPDATE: Brean Murray Lowers PT on Seagate Technology from $38 to $35

Brean Murray maintained a Buy rating on Seagate Technology STX and lowered its price target from $38 to $35. Brean Murray commented, “STX reported Jun Q revenue and EPS of $4.5B and $2.41, in-line with their 7/7 preannouncement. We believe both Sep Q revenue of $4B and GM guidance of at least 30% will feel soft compared to what folks were hoping for (we were hoping for flat revenue Q/Q and GM of at least 32%), as suggested EPS of ~$1.75 compares to Street of $2.41 (share repurchase is a bit of a wildcard, as we wouldn't be surprised if STX again retired ~40M shares as it has in the Mar Q & Jun Q). We're lowering our TP to $35 from $38, our CY12 EPS to $8.81 from $11.90 (which was unadjusted from the 7/7 preannouncement) and CY13 to $5.35 from $6.25.” Seagate Technology closed at $30.43 on Monday.