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Upgrade Alert for Seagate Technology (STX)

By James Quinn

Seagate Technology (NASDAQ:STX) was upgraded from Underweight to Equal Weight at Morgan Stanley today. The stock closed yesterday at $29.35 on volume of 29.5 million shares, above average daily volume of 9.2 million.

Seagate Technology designs, manufactures, and markets rigid disc drives for enterprise, personal computer, and consumer electronics applications.

Seagate Technology has overhead space with shares priced $29.35, or 33.6% below the average consensus analyst price target of $44.18. The stock should find initial resistance at its 50-day moving average (MA) of $31.05 and further resistance at its 200-day MA of $37.65.

In the past 52 weeks, shares of Seagate Technology have traded between a low of $18.42 and a high of $59.86 and closed yesterday at $29.35, which is 59% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.5% while the 50-day MA has declined 2.8%.

SmarTrend recommended that subscribers consider buying shares of Seagate Technology on May 31st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $22.10. Since that recommendation, shares of Seagate Technology have risen 9.0%. We continue to monitor STX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades Seagate Technology

Ticker(s): STX