Buy Seagate Technology (NASDAQ:STX) on Pull Backs Says Brean

Brean Murray Carret & Co. liked what they heard with Seagate Technology (NASDAQ:STX), based on buying back shares and a $1.18 billion raise in credit.

Brean said, "We're raising our PT to $18 after 1) digesting STX's $2B share repurchase authorization announcement and 2) yesterday's announcement of up to a $1.18B credit raise - $750 private placement of notes and discussions for up to $350 million credit facility. Bottom line is we believe the stock likely continues to works its way higher, and we'd certainly continue to be buyers on any meaningful pull-backs."

Brean Murray Carret & Co. maintains a "Buy' on Seagate Technology, which closed Thursday at $15.14, up $0.07, or 0.46 percent. They raised their price target on them from $16 to $18.