Jun. 12 at 9:53 AM
$STX Seagate price target raised to
$920 from
$775 at JPMorgan
STX
Yesterday, 8:44 PM
JPMorgan raised the firm's price target on Seagate to
$920 from
$775 and keeps an Overweight rating on the shares. The firm is raising its earnings forecasts for the HDD companies primarily led by a more positive view on pricing, and in turn the incremental margins the companies are expected to report in the coming quarters. While the companies have already turned a corner in reporting y/y increases in pricing together for the first time in the March quarter, JPMorgan expects to see the y/y price increases for the industry to accelerate in the coming quarters with sequential price increases sustaining in the low- to mid-single digit range and cumulatively supporting the acceleration in pricing, the analyst tells investors in a research note.
