Collins Stewart Maintains a 'Buy' NetApp (NTAP); Now A Value Stock?
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Price: $37.84 --0%
Rating Summary:
17 Buy, 22 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
Rating Summary:
17 Buy, 22 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
Trade NTAP Now!
Collins Stewart maintains a 'Buy' NetApp (NASDAQ: NTAP) price target lowered from $68 to $52.
Collins analyst says, "NetApp reported a disappointing quarter, its second in three since 3Q11 (Jan). Revs were $1.46B, vs. guidance of $1.5B, coming in at the low end of the 2%-8% sequential guidance range. Federal & Financial were the two weak spots while Europe, Asia, State/Local, SMB & commercial in general all showed good growth. NetApp commented that April, May & June were very good months overall, but it was really in July, given the debt ceiling debates, that they began to see material weakness. Going forward, there is hope that Federal bounces back in Aug/Sept as stalled but available budgets are spent, but there is no visibility at this time. As pressure has come off the stock markets, Financial could bounce back too."
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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Collins analyst says, "NetApp reported a disappointing quarter, its second in three since 3Q11 (Jan). Revs were $1.46B, vs. guidance of $1.5B, coming in at the low end of the 2%-8% sequential guidance range. Federal & Financial were the two weak spots while Europe, Asia, State/Local, SMB & commercial in general all showed good growth. NetApp commented that April, May & June were very good months overall, but it was really in July, given the debt ceiling debates, that they began to see material weakness. Going forward, there is hope that Federal bounces back in Aug/Sept as stalled but available budgets are spent, but there is no visibility at this time. As pressure has come off the stock markets, Financial could bounce back too."
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
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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