Needham & Company Maintains a 'Buy' on NetApp (NTAP); Takeaways From Investor Meeting
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Price: $37.16 -0.32%
Rating Summary:
17 Buy, 21 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 17 | Down: 20 | New: 29
Rating Summary:
17 Buy, 21 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 17 | Down: 20 | New: 29
Trade NTAP Now!
Needham & Company maintains a 'Buy' on NetApp (NASDAQ: NTAP) price target of $38.00.
Analyst, Glenn Hanus, said, "NTAP held a well attended Analyst Event in NYC in which mgmt. discussed 1) recent strengths/challenges and its growth agenda, 2) products/innovation leadership, 3) go-to-market, and 4) detailed F13-F15 financial objectives. NTAP reaffirmed its conservative F1Q guidance, and did not provide F13 noting that business visibility remains challenging especially with negative recent macro headlines."
"Mgmt. reviewed F12 strengths (record new customer acquisition, 22% y/y rev. growth, $1B+ of FCF, and Engenio integration), but also challenges that led to NTAP’s shortfall vs. initial F12 guidance (Jun.’11 - see chart below). Federal accounted for 30-40% of shortfall as lower DoD & Intelligence spending hit NTAP and branded E-Series, while Major accounts weakness (Dec. Q was only healthy Q) represented the remaining majority. Mgmt. also acknowledged tough competition, noting Dell (Nasdaq: DELL), EMC/Isilon and EMC’s (NYSE: EMC) channel initiative."
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 $29.66 yesterday, with a 52 week range of $27.79-$54.57.
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Analyst, Glenn Hanus, said, "NTAP held a well attended Analyst Event in NYC in which mgmt. discussed 1) recent strengths/challenges and its growth agenda, 2) products/innovation leadership, 3) go-to-market, and 4) detailed F13-F15 financial objectives. NTAP reaffirmed its conservative F1Q guidance, and did not provide F13 noting that business visibility remains challenging especially with negative recent macro headlines."
"Mgmt. reviewed F12 strengths (record new customer acquisition, 22% y/y rev. growth, $1B+ of FCF, and Engenio integration), but also challenges that led to NTAP’s shortfall vs. initial F12 guidance (Jun.’11 - see chart below). Federal accounted for 30-40% of shortfall as lower DoD & Intelligence spending hit NTAP and branded E-Series, while Major accounts weakness (Dec. Q was only healthy Q) represented the remaining majority. Mgmt. also acknowledged tough competition, noting Dell (Nasdaq: DELL), EMC/Isilon and EMC’s (NYSE: EMC) channel initiative."
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 $29.66 yesterday, with a 52 week range of $27.79-$54.57.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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