Seagate Technology (STX) PT Upped to $31 at Mizuho, Remains Sidelined

Mizuho Securities analyst Vijay Rakesh raised his price target on Seagate Technology (NASDAQ: STX) to $31.00 (from $23.00) but maintained a Neutral rating following Q4 results which were in-line with its positive pre-announcement. Meanwhile, the SepQ top line was guided up, and GM was guided up 100bps q/q as it continues to rationalize capacity.

Rakesh commented, "STX is shifting focus from the broad HDD unit market to a more focused, higher-margin, higher-ASP HDD market which we believe could limit L-T TAM. We are adjusting our estimates, maintaining Neutral but raising our PT to $31. We believe a more transitional roadmap to SSD/flash positions WDC better despite near-tem growing pains."

For an analyst ratings summary and ratings history on Seagate Technology click here. For more ratings news on Seagate Technology click here.

Shares of Seagate Technology closed at $32.43 yesterday.

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