Jefferies Remains Sidelined on NetApp (NTAP) Following Analyst Meeting
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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."
Shares of NetApp closed at $35.34 yesterday.
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