Needham & Company Reiterates Hold on NetApp (NTAP) Following Analyst Day and User Conference
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Needham & Company reiterated a Hold rating on NetApp (NASDAQ: NTAP) following the company's annual Insight user conference and Analyst day. No new financial information was presented. However, the company refreshed its FAS lines to incorporate both faster networking speeds and became the first vendor to offer 15TB SSDs as an option.
Analyst Richard Kugele commented, "In our view, NetApp remains a company in transition as it moves to confront the simultaneous challenges from flash, cloud, low GDP/IT spending growth, and the surging next-generation of players. We believe they now understand these issues and have a plan to address them, from the leadership down to the rank and file. Loyal customers appear willing to go on the journey with NTAP, judging by our customer conversations. However, until this translates into more than just stability in the model, we remain on the sidelines. Maintain Hold."
Shares of NetApp closed at $35.34 yesterday.
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