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Seagate, Western Digital upgraded to Buy by Citi

Dec. 13, 2013 9:14 AM ETSeagate Technology Holdings plc (STX) StockSTX, WDCBy: Eric Jhonsa, SA News Editor1 Comment
  • Citi's Joo Yoo has upgraded Seagate (STX -0.3%) and Western Digital (WDC +1.3%) to Buy, while respectively raising his PTs to $62 and $100.
  • Echoing recent Intel upgrades, Yoo expects Seagate and Western improving/stabilizing PC demand. He also sees the hard drive giants to getting a boost from sales to cloud infrastructure services firms; Western is targeting these companies (and others) with its new helium drives.
  • Yoo downgraded Seagate and Western to Sell in Oct. '12, and upgraded them to Neutral in July. Shares have had a pretty good run over the last 14 months.
  • STX +1.6% premarket.

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