Seagate Rating Lowered to Equal Weight at Barclays Capital (STX)

By admin | 6 years ago

Seagate (NYSE: STX) was downgraded by research analysts at Barclays Capital (NYSE: BCS) from an “overweight” rating to an “equal weight” rating in a report released on Tuesday. They currently have a $29.00 target price on the stock, down from their previous target price of $36.00.

Shares of Seagate opened at 25.03 on Tuesday. Seagate has a 52 week low of $9.05 and a 52 week high of $32.55. The company has a market cap of $10.644 billion and a P/E ratio of 5.66.

Seagate last announced its earnings results on Tuesday, April 17th. The company reported $2.64 EPS for the quarter, beating the Thomson Reuters consensus estimate of $2.10 by $0.54. The company’s quarterly revenue was up 65.1% on a year-over-year basis. On average, analysts predict that Seagate will post $2.80 earnings per share next quarter.

A number of other analysts have also recently weighed in on STX. Analysts at Brean Murray reiterated a “buy” rating on shares of Seagate in a research note to investors on Wednesday, May 9th. Separately, analysts at Noble Financial downgraded shares of Seagate from a “buy” rating to a “sell” rating in a research note to investors on Tuesday, May 8th. Finally, analysts at Bank of America (NYSE: BAC) downgraded shares of Seagate from a “buy” rating to a “neutral” rating in a research note to investors on Friday, April 27th. They now have a $32.00 price target on the stock, up previously from $31.00.

Seagate Technology plc (Seagate) designs, manufactures, markets and sells hard disk drives. Seagate produces a range of disk drive products addressing enterprise applications, where its products are designed for enterprise servers, mainframes and workstations; client compute applications, where its products are designed for desktop and notebook computers, and client non-compute applications, where its products are designed for a range of end user devices, such as digital video recorders (DVRs), personal data backup systems, portable external storage systems and digital media systems.

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