UPDATE: Citigroup Raises PT to $37 on Seagate Technology Higher Normalized EPS

Citigroup reiterated its Buy rating on Seagate Technology

and increased its price target from $35 to $37. Citigroup commented, "Seagate held an investor day on Sep 21 in New York, where mgt provided an update to industry trends, overall strategy, as well as current qtr and long-term financial outlook. While downward revisions in Sep qtr TAM and revs guidance were disappointing (albeit well-anticipated), the 550bps hike in long-term gross margin target (which aligns with WDC's new target) confirms that the industry's pricing power has meaningfully improved following recent consolidation." Seagate Technology closed at $30.96 on Friday.