Wit Soundview analyst Gary Helmig, in a report on the firm's Website, says Wit is retaining its Hold rating on StorageTek and is "waiting to see [StorageTek] demonstrate that it will be able to report several quarters of sustained performance." Wit says it eventually sees a $20 long-term price target for StorageTek, not much of a jump from current prices.
Other analysts covering the company are similarly passive, issuing ratings like "maintain aggressive," the recommendation from A.G. Edwards analyst Shebly Seyrafi. And a report on the Standard & Poors Website says it recently upgraded its StorageTek recommendation from Avoid to Hold, but "due to the difficult economic environment, limited revenue visibility, and STK's relatively high valuation, we do not recommend adding to positions."
Hardly a ringing endorsement, but it's better than being ignored or written off. On the positive side, most analysts seem to approve the organizational work being done by CEO Pat Martin, who joined StorageTek in July 2000 after spending 23 years at Xerox Corp.
Stamas, who has been at StorageTek for six years, says Martin's management is "significantly more results-oriented," a claim that hasn't often been associated with the frequently leadership-challenged company.
"There's a lot being done to move the company forward, especially in execution," Stamas says. With the next quarterly report, scheduled for July 26, it will soon be apparent if those efforts are paying off.
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