UPDATE: Deutsche Bank Reiterates Hold Rating, Lowers PT on STEC on Disappointing F4Q-12 Results, F1Q-13 Guidance

In a report published Friday, Deutsche Bank analyst Sherri Scribner reiterated her Hold rating on STEC

, but slightly lowered her price target from $5.00 to $4.50. In the report, Scribner noted, “STEC's F4Q-12 results and F1Q-13 guidance were disappointing, with sales and EPS both below Consensus. The company is operating below breakeven levels and we expect this to remain the case throughout 2013. Unless sales materially improve, a path to profitability is not evident. With visibility limited and STEC's new sales strategy unproven, we remain cautious. We have reduced our FY-13E and FY-14E and cut our PT from $5 to $4.50. With shares trading near this level in the after-market we maintain Hold.” STEC closed on Thursday at $5.49.