Seagate price target raised to $135 from $125 at Evercore ISI

Evercore ISI raised the firm’s price target on Seagate (STX) to $135 from $125 and keeps an Outperform rating on the shares after the company reported “impressive upside” to September-end quarter results. Seagate and the industry are becoming more disciplined, especially when it comes to adding incremental capacity without getting the adequate returns, argues the analyst, who sees a cyclical recovery “enabling a path to $12+ EPS” and argues that “the stock could work towards our target of $135 in that scenario with potential for upside.”