Seagate price target raised to $99 from $92 at Northland

Northland analyst Gus Richard raised the firm’s price target on Seagate to $99 from $92 and keeps an Outperform rating on the shares. The firm lifts estimates on higher gross margins after Seagate reported “a strong EPS performance” and increased non-GAAP EPS guidance at the midpoint. The company maintained positive free cash flow during the downturn and lowered the revenue level by 20% to the point where it could achieve a peak gross margin, while at the same time it has executed its new product development, the analyst tells investors.