Canaccord Genuity Reiterates a 'Buy' on NetApp (NTAP); Opportunity Knocks
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Price: $36.41 -1.3%
Rating Summary:
17 Buy, 21 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 17 | New: 13
Rating Summary:
17 Buy, 21 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 17 | New: 13
Trade NTAP Now!
Canaccord Genuity reiterates a 'Buy' on NetApp (NASDAQ: NTAP) price target lowered to $52.00.
Canaccord analyst, Paul H. Mansky, said, "We reiterate our rating in the face of the top-line miss given: a) NetApp’s value prop and positioning are unchanged; b) their demand bumpiness is by no means unique; c) reduced share price dramatically alters convertible dilution (EPS floor) and; d) the stock is at historical lows (14x) on a C2012E basis – which we believe carries earnings power of $2.51-$2.73. Although not likely linear, it is difficult to ignore the 12-month potential appreciation vs. current levels, assuming a median 20x multiple applied to the mid-point of earnings power for $52…+43% vs. after-hours levels of $36.45."
For more ratings news on NetApp click here and for the rating history of NetApp click here.
Shares of NetApp closed at $41.66 yesterday, with a 52 week range of $38.00-$61.02.
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Canaccord analyst, Paul H. Mansky, said, "We reiterate our rating in the face of the top-line miss given: a) NetApp’s value prop and positioning are unchanged; b) their demand bumpiness is by no means unique; c) reduced share price dramatically alters convertible dilution (EPS floor) and; d) the stock is at historical lows (14x) on a C2012E basis – which we believe carries earnings power of $2.51-$2.73. Although not likely linear, it is difficult to ignore the 12-month potential appreciation vs. current levels, assuming a median 20x multiple applied to the mid-point of earnings power for $52…+43% vs. after-hours levels of $36.45."
For more ratings news on NetApp click here and for the rating history of NetApp click here.
Shares of NetApp closed at $41.66 yesterday, with a 52 week range of $38.00-$61.02.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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