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Technology Stocks : Seagate Technology

STX 278.47

+1.0%

4:00 PM EST

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To: Sam who wrote (7573)	12/16/2009 10:22:10 PM
From: Sam	of 7841

Seagate Rallies; Wedbush Launches At Outperform By Eric Savitz Seagate (STX) shares received a boost Wednesday from Wedbush analyst Kaushik Roy, who launched coverage of the disk-drive maker with an Outperform rating and $22 target price. “2010 should be a very good year for HDD vendors as demand is likely to be very strong, driven by tech refresh in businesses and an improved consumer spending environment,” he writes in a research note. “In addition, the industry has consolidated and the companies are now focusing on profitability rather than market share gains.” Roy writes that meetings with Seagate, Western Digital, Hitachi and Toshiba lead him to conclude that HDD supply is tight at this time, in part due to a shortage of glass substrate. Roy says he believes that 7200 RPM motors are also in shorty supply right now, with tight supply likely to continue in calendar Q1. He thinks the company should see upside to current published estimates for both the December and March quarters. While the stock has more than tripled since the start of the year, he contends the shares still look cheap. STX today gained 86 cents, or 5.2%, to $17.26. blogs.barrons.com

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