Click to Enlarge“Buy”: 20%
Seagate Technology (STX) manufactures storage devices for everything from gaming systems to corporate servers. Like many other old-school tech companies, STX shares have been on a tear as improving consumer sentiment figures and expectations for capex spending equate to a likely increase in demand for technology products. STX has bested earnings expectations two of the last four quarters, helping the stock to return more than 50% so far this year.
With only 20% “buy” recommendations on the stock, the shares are ripe for some upgrades. Based on this outlook, a target price of $60 before year’s end appears reasonable as the analyst crowd is likely to turn more heavily toward the bull side.
As of this writing, Johnson Research Group did not hold a position in any of the aforementioned securities.