Seagate price target raised to $825 from $700 at Wedbush

Wedbush raised the firm’s price target on Seagate (STX) to $825 from $700 and keeps an Outperform rating on the shares. The firm says Seagate shook the recent pattern of delivering earnings outperformance characterized by 100 bps-200 bps of revenue and gross margin upside followed by a guide for a few hundred bps of revenue growth and 100 bps-200 bps of gross margin expansion. Rather Seagate reported revenue growth of close to 10% and gross margin growth of nearly 500 bps with guidance implying a similar expected result in Q4/Q2, adds Wedbush.

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