Credit Suisse Downgrades NetApp (NTAP) to Underperform
Get Alerts NTAP Hot Sheet
Rating Summary:
20 Buy, 29 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 9 | Down: 10 | New: 43
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Credit Suisse downgraded NetApp (NASDAQ: NTAP) from Neutral to Underperform with a price target of $29.00 (from $30.00).
Analyst K. Garcha commented, "We acknowledge that NetApp has executed well in recent quarters, however we remain of the view that the secular pressures in this business remain. We reiterate our FY17 EPS and lower our FY18 estimates by -5% to $2.34 (from $2.46) and lower our target price to $29 (from $30). Fundamentally we believe that in a low growth storage environment, NetApp may continue losing market share to smaller rivals, while also being disrupted by the move to public cloud."
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 $35.97 yesterday.
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