UPDATE: FBN Securities Lowers PT on Seagate Technology to $32

FBN Securities reiterated an Outperform rating on Seagate Technology

and lowered its price target to $32. FBN Securities commented, “We retain our Outperform rating on shares of STX but lower our PT to $32. STX generated very strong free cash flow ($1.4B vs. $.8B in FQ3 and $.2B a year before) but its FQ1/Sept. guidance of revenue of at least $4B (below consensus of $4.6B) from $4.5B in FQ4/Jun. suggests a ~10% revenue decline Q/Q. With units expected to be flat Q/Q (STX expects a flat industry TAM and to maintain share), this implies the blended ASP is expected to decline ~10% Q/Q.” Seagate Technology closed at $30.43 on Monday.