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Upgrade Alert for Seagate Technology (STX)

By James Quinn

Seagate Technology (NASDAQ:STX) was upgraded from Buy to Strong Buy at Needham today. The stock closed yesterday at $35.10 on volume of 14.5 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.

Over the past year, Seagate Technology has traded in a range of $18.42 to $59.86 and closed yesterday at $35.10, 91% above that low. The 200-day and 50-day moving averages have moved 1.46% lower and 2.84% lower over the past week, respectively.

Seagate Technology has overhead space with shares priced $35.10, or 20.6% below the average consensus analyst price target of $44.18. The stock should find resistance at its 200-day moving average (MA) of $37.65, as well as support at its 50-day MA of $31.05.

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 71.8%. 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