Brean Murray Maintains Buy, Raises PT to $23 for Seagate Technology

Brean Murray Carret & Co maintains its Buy rating on Seagate Technology PLC (NASDAQ: STX) and increases its price target to $23 from $18 on pricing that was stronger than expected.

According to BMC, “Due to stronger than anticipated pricing, STX provided updated guidance suggesting Dec Q EPS of $0.65 - $0.70 (Street at $0.47) and Mar Q EPS of ~$1.00 (Street at $0.78). Updated revenue guidance is Dec Q $2.8B (Street at $2.64B) and Mar Q of $3.75B (Street at $3.24B)—importantly, firmer pricing will likely drive stronger-than-expected gross margin as well.”

STX closed at $15.99 per share on Monday, up 5.47 percent.