Seagate Technology (STX) a Bastion of Stability, Needham & Company Says

Needham & Company analyst Richard Kugele reiterated a Buy rating and $62 price target on Seagate Technology (NASDAQ: STX) saying the company is tracking to estimates.

Kugele said, "We find STX (and WDC) to be bastions of stability in the current market that is being whipped around by global macro and political news. We believe the stable demand environment is driven by the industry consolidation and close management of supply/demand while buoyed by the underlying megatrends of data growth and the cloud."

For an analyst ratings summary and ratings history on Seagate Technology click here. For more ratings news on Seagate Technology click here.

Shares of Seagate Technology closed at $49.77 yesterday.

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