Hapoalim Securities Initiates Coverage on Seagate Technology (STX) with a Buy; Attractive Valuation
October 7, 2009 6:56 AM EDT
Hapoalim analyst says, "Seagate shares are an inexpensive way to play the Windows 7 driven PC upgrade cycle expected to commence in 2010. HDD supply/demand conditions are favorable at the moment, thus Seagate is also a strong margin expansion play. Seagate's valuation is still at pre-recession (pre 2008) lows, and its free cash flow and return on capital potential are quite high, which suggests STX is a very good fit for value oriented investors...Near term upside to estimates likely. We are estimating September quarter revenue and EPS of $2.69Bn and $0.50 versus recently increased (following positive pre-announcement) consensus of $2.61Bn and $0.44, respectively.Improving industry conditions, both long term and short term...Improving company condition...Return on Capital and Free Cash Flow Potential are High, and Underappreciated...Valuation still looks attractive."
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Oct 7, 2009 06:56 AM Hapoalim Securities Initiates Coverage on Seagate Technology (STX) with a Buy; Attractive Valuation
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