In a report released today, Mark Miller from Benchmark Co. reiterated a Buy rating on Seagate Tech (STX), with a price target of $60. The company’s shares closed last Monday at $52.94.
According to TipRanks.com, Miller is a top 100 analyst with an average return of 20.2% and a 68.7% success rate. Miller covers the Consumer Goods sector, focusing on stocks such as IPG Photonics Corporation, Axcelis Technologies, and Universal Display.
Currently, the analyst consensus on Seagate Tech is a Hold with an average price target of $47.42, which is a -16.8% downside from current levels. In a report released yesterday, FBN Securities also maintained a Buy rating on the stock with a $60 price target.
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Based on Seagate Tech’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $2.37 billion and net profit of $983 million. In comparison, last year the company earned revenue of $2.84 billion and had a net profit of $461 million.
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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.
