Seagate Technology (STX) NewsBite - Brean Murray Buy Rating Sends STX To New High

Posted: Monday, October 12, 2009 12:32 PM EDT

Seagate Technology (NasdaqNM: STX) opened at $16.17. So far today, the stock has hit a low of $15.65 and a high of $16.40. STX is now trading at $16.14, up $0.68 (4.37%). The stock hit its 52-Week high of $16.40 today and set its 52-Week low of $2.98 in January. Brean Murray initiated coverage on the stock with a Buy rating and set a $20 price target on its shares, sending the stock up to a new 52 week high in today's session. Technical indicators for the stock are bullish and S&P gives STX a positive 4 STARS (out of 5) buy ranking. If you are looking for a hedged play on STX the stock seems like it could be a candidate for a December out-of-the-money bull-put credit spread below the 14 range. [ABR-Seven Summits Strategic Investments NewsBite]

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