Seagate price target raised to $105 from $75 at Argus

Argus analyst Jim Kelleher raised the firm’s price target on Seagate to $105 from $75 and keeps a Buy rating on the shares after its Q2 earnings beat this week. The company’s revenue and earnings for the past several quarters have been dented by weak consumer-device and enterprise-IT demand, economic softness in China, and customer inventory adjustments, but Seagate continues to see improved demand fundamentals in certain markets, including U.S. cloud service providers, while its enterprise demand also now appears to be “slowly recovering”, the analyst tells investors in a research note.