Baird Raises Price Target on NetApp (NTAP) to $40; Reiterates Neutral
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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."
Shares of NetApp closed at $34.73 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesRobert W Baird, Earnings, Jayson Noland
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