Not only does Needham & Company advise investors to invest in Seagate Technology (NASDAQ:STX), they suggest the snap up shares aggressively at the current price level.
Talks with private equity firms have been halted because of improved conditions.
Needham said, "While the next few days could be volatile for the stock (suggesting a downgrade immediately followed by an upgrade) instead we will save the trees, and retain our Strong Buy (with $19 target based on 8x F12 EPS of $2.35). We encourage investors to aggressively purchase the shares at current levels and under as improved demand and a material buyback should drive the stock."
Seagate closed Tuesday at $13.41, dropping $0.45, or 3.25 percent. Needham raised their price target on them from $17 to $19.
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