Goldman Says NetApp (NTAP) Shows Stabilization in Enterprise Spending, Likes EMC (EMC)

November 15, 2012 7:53 AM EST Send to a Friend
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Price: $42.80 +1.64%

Rating Summary:
    16 Buy, 30 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 29 | Down: 45 | New: 4
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Following the company's Q2 results, Goldman Sachs maintained an Neutral NetApp (NASDAQ: NTAP) and raised its price target to $32.00 (from $29.00)

Commenting on the results, Bill Shope, an analyst with Goldman, said "We were encouraged by NetApp's upside, and while this signals better execution from the company, we believe it could also point to some stabilization in broader enterprise spending after a challenging September quarter for the sector."

Goldman continues to favor EMC (NYSE: EMC) in networked storage and have a Buy rating on the stock.

"For NetApp, we are maintaining our Neutral rating, but we are raising our FY2013-FY2015 estimates to reflect this quarter’s upside as well as the company’s improved operating expense discipline and execution," said Shope.

Goldman raised its CY13 EPS estimate to $2.51 from $2.39.

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 $27.12 yesterday.


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