UPDATE: Deutsche Bank Upgrades Seagate Technology to Buy, Raises PT on Shares Upside

In a report published Thursday, Deutsche Bank analyst Sherri Scribner upgraded the rating on Seagate Technology STX from Hold to Buy, and raised the price target from $40.00 to $46.00.

In the report, Deutsche Bank noted, “We are upgrading Seagate to a Buy from a Hold and raising our price target to $46 from $40. We have been positive on the HDD industry for some time, and believe current valuations are an attractive entry point, despite Seagate's recent strong stock performance. We expect the positive mix shift to higher-margin enterprise drives to offset slower PC demand, and expect HDD unit growth to resume at low-single digit levels staring in C2H-13. With shares trading below historical P/E multiples we see upside to the shares.”

Seagate Technology closed on Wednesday at $42.17.