Goldman Sachs Raises Target on NetApp (NTAP) to $41, Keeps Neutral Rating
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Price: $36.89 -1.05%
Rating Summary:
17 Buy, 21 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Rating Summary:
17 Buy, 21 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
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Goldman Sachs lifted its price target on Neutral-rated NetApp (NASDAQ: NTAP) from $38 to $41 following "relatively in-line" Q3 results.
The firm highlighted that NetApp noted stabilization across all major geographies and in most of its major accounts, though this was somewhat dampened by U.S. public sector spending. Gross margins and operating margins were light. The firm also noted that NetApp's outlook was better than we feared.
Goldman now expect revenues of $1.69 billion and EPS of $0.62, versus its prior forecast of $1.70 billion and $0.54. For FY2013, they forecast revenues of $7.03 billion and EPS of $2.73, up from $7.02 billion and $2.65. FY2014 forecast now calls for EPS of $3.19 up from $3.17 on unchanged revenues of $7.76 billion. The adjusted guidance reflects tamer gross margin pressure in the near term.
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 $39.88 yesterday, with a 52 week range of $33.00-$59.51.
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The firm highlighted that NetApp noted stabilization across all major geographies and in most of its major accounts, though this was somewhat dampened by U.S. public sector spending. Gross margins and operating margins were light. The firm also noted that NetApp's outlook was better than we feared.
Goldman now expect revenues of $1.69 billion and EPS of $0.62, versus its prior forecast of $1.70 billion and $0.54. For FY2013, they forecast revenues of $7.03 billion and EPS of $2.73, up from $7.02 billion and $2.65. FY2014 forecast now calls for EPS of $3.19 up from $3.17 on unchanged revenues of $7.76 billion. The adjusted guidance reflects tamer gross margin pressure in the near term.
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 $39.88 yesterday, with a 52 week range of $33.00-$59.51.
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