Jefferies Remains Sidelined on NetApp (NTAP) Following Analyst Meeting

September 28, 2016 7:50 AM EDT
Get Alerts NTAP Hot Sheet
Price: $36.17 -0.55%

Rating Summary:
    10 Buy, 35 Hold, 11 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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Jefferies reiterated a Hold rating on NetApp (NASDAQ: NTAP), and raised the price target to $34.00 (from $29.00), following an analyst meeting. NetApp noted it had reach #2 in market share in the AllFlash Array market. Like last year, CEO George Kurian gave a impassioned pitch that NetApp is "laser focused" on what it does well and that it is positioned to win in the market place.

Analyst James Kisner commented, "NetApp held an analyst meeting at its annual customer meeting in Las Vegas, Insights 2016. Management sounded upbeat and proud of recent accomplishments (#2 Flash vendor, fastest growing SAN vendor) and the Data Fabric strategy seems to be progressing well. At this point we don't find the valuation particularly compelling and are inclined to look for another entry point."

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 $35.34 yesterday.

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