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Technology Stocks : Seagate Technology

STX 278.47

+1.0%

Nov 6 4:00 PM EST

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From: Sam	9/24/2009 12:27:36 AM
	of 7841

09:36 am Western Digital ests and tgt raised to $46 at Caris as HDD market continues to rebound: . Caris is raising their Q3 ests to $1.02 from $0.83 (consensus $0.80) and taking another step up in their FY10 EPS ests to $4.45 from $4.20 (consensus $3.44). Additionally, the firm raises their WDC tgt to $46 from $40 with Seagate (STX) pre-announcing better-than expected Sep-qtr revs/margins as the HDD market continues to rebound. Still the firm's preferred way to invest in a strengthening PC market, they believe: HDD unit demand is now showing upside across segments, pricing remains benign and inventories remain lean. Moreover, the kicker perhaps still underappreciated by investors, the firm believes STX and WDC are uniquely outexecuting their 3-4 remaining Asian competitors in a consolidating market, thereby taking the market's incremental upside and leverage. Already something of a 2-horse race in 3.5in desktop HDDs, the firm continues to see 2.5in notebook as the next area STX and WDC could catapult forward as they now ramp new-gen 320GB/p.

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