BMO Capital Raises Price Target on NetApp (NTAP) to $39 Following 2Q Report
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
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."
Shares of NetApp closed at $34.73 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Credit Suisse Downgrades NetApp (NTAP) to Underperform
- Wedbush Raises Price Target on Capital One Financial (COF) to $90
- Cowen Downgrades Nike (NKE) to Neutral; Sees Lower Guidance
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesBMO Capital, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!