FBN Securities analyst Shebly Seyrafi raised his price target on Seagate shares to $60 from $55 following the company's analyst day. Seagate said it expects FY20 non-GAAP EPS to grow year-over-year from $4.82 reported in FY19, which is 9% above current consensus of $4.44 for FY20, according to Seyrafi. He thinks the negative reaction during the event may be due to the company's new long-term operating model targets, including 2%-6% revenue growth, 13%-16% operating margins and shareholder return at more than 50% of free cash flow. Seyrafi believes the operating margin target, in particular, "may have unsettled some investors," but he thinks that the company is being conservative. He keeps an Outperform rating on Seagate shares, which are down 6.6% to $52.99 in afternoon trading.