Seagate Technology PLC(NASDAQ:STX) Jumps on Argus Upgrade

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Seagate Technology PLC(NASDAQ:STX) rose following an upgrade to buy from hold at Argus Research, which noted shares have declined but growth prospects are improving.

In other news, a Wall Street Journal article highlights revenue growth related to cloud-based services and data center storage which could benefit hard-drive makers STX and Western Digital (WDC) as they focus on this segment to offset the decline in PC sales.

STX is up 2.6% to $54.78 per share in Monday afternoon trading. Shares have advanced 53% over the past year and currently trade in the upper half of a 52-week price range of $33.22 – 62.76 per share. WDC is up 2.1% at $90.07 per share.

Analysts have a consensus price target of $57 on Seagate Technology PLC(NASDAQ:STX) which indicates a 7% upside. The consensus rating of the stock is a BUY with a score of 2.57. There are currently 12 Buy ratings and 9 Hold ratings on the stock.

Aside from the Argus upgrade, a recent analyst action consisted of Needham reiterating their Buy rating on April 1st, 2014.

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