BMO Capital Raises Price Target on NetApp (NTAP) to $39 Following 2Q Report

November 17, 2016 7:16 AM EST
Get Alerts NTAP Hot Sheet
Price: $36.17 --0%

Rating Summary:
    10 Buy, 35 Hold, 11 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 15 | Down: 17 | New: 10
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BMO Capital reiterated a Market Perform rating on NetApp (NASDAQ: NTAP), and raised the price target to $39.00 (from $31.00), following the company's 2Q earnings report. NTAP delivered revenue of $1,340 million roughly in line with consensus estimates of $1,354M. EPS of $0.60 topped consensus of $0.54. NTAP expects January quarter revenues to be up 4% sequentially at the midpoint of guidance, above the Street's $1,358M. EPS guidance of $0.72-0.77, is also well above the Street.

Analyst Tim Long commented, "NetApp followed last quarter's beat with another in the October quarter. Revenues were in line, but gross margin exceeded, and opex was meaningfully better. Revenues are about to return to growth as legacy declines are becoming more offset by strategic areas, though comparisons are certainly getting easier."

For an analyst ratings summary and ratings history on NetApp click here. For more ratings news on NetApp click here.

Shares of NetApp closed at $34.73 yesterday.

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