Technology Up 2% on Argus Research Upgrade To Buy

Seagate Technology (STX) rose following an upgrade to buy from hold at Argus Research, which noted shares have declined but growth prospects are improving.

In other news, a Wall Street Journal article highlights revenue growth related to cloud-based services and data center storage which could benefit hard-drive makers STX and Western Digital (WDC) as they focus on this segment to offset the decline in PC sales.

STX is up 2.6% to $54.78 per share in Monday afternoon trading. Shares have advanced 53% over the past year and currently trade in the upper half of a 52-week price range of $33.22 – 62.76 per share.

WDC is up 2.1% at $90.07 per share.

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