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Stifel resumes Seagate at 5% downside

Published 02/23/2018, 07:35 AM
© Reuters.  Stifel resumes Seagate at 5% downside
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  • Stifel resumes coverage of Seagate Tech (NASDAQ:STX) with a Hold rating and a $49 price target (nearly 5% downside to yesterday’s close.)
  • Firm cites IDC’s Data Age 2025 study that says the 16ZB (trillion gigabytes) of data generated in 2016 will increase to 163ZB by 2025.
  • Stifel thinks HDDs could be used to store up to 58% of that increased storage capacity with SSDs representing 30%.
  • Stifel thinks Seagate is progressing in SSDs, but valuation at 10.4x CY18 EPS keeps the firm on the sidelines. Firm thinks 10x CY18E EPS is more appropriate.
  • Source: Briefing.com.
  • Seagate shares closed yesterday down 0.2% to $51.36 with a 52-week range of $30.60 to $56.45.
  • Now read: Seagate Technology: Not Priced For Ripple Potential


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