Maxim Group analyst Nehal Chokshi maintained a Hold rating on Seagate Tech (STX) today and set a price target of $54. The company’s shares closed yesterday at $48.32.
Chokshi observed:
“Modest Mar Q upside largely GM driven, Jun Q guidance largely in-line with consensus. Cycling forward price target basis to FY20, resulting in raised 12-month PT to $54, from $49. Maintain Hold rating; continue to prefer Western Digital (WDC – Buy).”
According to TipRanks.com, Chokshi is a 5-star analyst with an average return of 9.8% and a 59.1% success rate. Chokshi covers the Consumer Goods sector, focusing on stocks such as Hewlett Packard Enterprise, Super Micro Computer, and Palo Alto Networks.
The word on The Street in general, suggests a Hold analyst consensus rating for Seagate Tech with a $48.71 average price target, a 0.8% upside from current levels. In a report released yesterday, Mizuho Securities also maintained a Hold rating on the stock with a $46 price target.
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The company has a one-year high of $60.01 and a one-year low of $35.38. Currently, Seagate Tech has an average volume of 3.27M.
Based on the recent corporate insider activity of 71 insiders, corporate insider sentiment is negative on the stock.
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Seagate Technology Plc engages in the development, production, and distribution of data storage products and electronic data storage solutions. Its products include hard disk drives, solid state hybrid drives, solid state drives, peripheral component interconnect express cards, serial advanced technology attachment controllers, storage subsystems and computing solutions. It offers its products under the Backup Plus and Expansion product lines, and Maxtor and LaCie brands. The company was founded by Finis Conner, Syed Iftikar, Doug Mahon, David Thomas Mitchell, and Alan F. Shugart in 1978 and is headquartered in Dublin, Ireland.
