Baird Raises Price Target on NetApp (NTAP) to $40; Reiterates Neutral

November 17, 2016 7:33 AM EST
Get Alerts NTAP Hot Sheet
Price: $35.83 -0.44%

Rating Summary:
    10 Buy, 35 Hold, 11 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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Baird reiterated a Neutral rating on NetApp (NASDAQ: NTAP), and raised the price target to $40.00 (from $37.00), following the company's 2Q earnings report. NetApp posted revenue/non-GAAP EPS of approximately $1.34 billion/$0.60 compared to consensus of $1.36 billion/$0.60. Management guided 3Q revenue/non-GAAP EPS to $1.325-$1.475 billion/$0.72-$0.77 above the consensus estimate of $1.35 billion/$0.63.

Analyst Jayson Noland commented, "NetApp posted good results relative to low expectations (as previewed) taking the stock up sharply in the after-market. Specifically, the company is showing strong progress in the AFA market and a faster return to target operating margins than expected. We are encouraged by NetApp’s recent performance but continue to have longer-term concerns regarding the Enterprise Storage market."

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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