Deutsche Bank Downgrades NetApp (NTAP) to Sell
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
Deutsche Bank downgraded NetApp (NASDAQ: NTAP) from Hold to Sell with a price target of $25. Analyst Sherri Scribner said secular storage market challenges aren't reflected in valuation.
"We are downgrading NTAP to a Sell from a Hold. NTAP shares are up 45% over the past 3 months and up 35% year to date as the stock has benefited from (1) a market shift into value stocks, (2) modestly better-than-expected sales, and (3) significant cost cutting which has driven upside to margins and EPS. While we applaud management's increased cost discipline, we remain cautious on the company's ability to return to revenue growth given the significant secular challenges posed by flash-based storage and the cloud. We view NTAP as particularly exposed to these trends and thus believe shares should trade at a discount to peers," said the analyst.
Shares of NetApp closed at $35.66 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Pivotal Research Upgrades Flowers Foods (FLO) to Hold
- BMO Capital Raises Price Target on Dollar Tree (DLTR) to $96; Reiterates Market Perform
- Jefferies Raises Price Target on Casey's General Stores (CASY) Following 2Q Earnings Report
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Downgrades, Hot Downgrades
Related EntitiesDeutsche Bank
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!