Needham & Company Reiterates a 'Buy' on NetApp (NTAP); Solid 4Q Overshadowed by Conservative 1Q
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Price: $37.19 --0%
Rating Summary:
17 Buy, 21 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 21 | New: 17
Rating Summary:
17 Buy, 21 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 21 | New: 17
Trade NTAP Now!
Needham & Company reiterates a 'Buy' on NetApp (NASDAQ: NTAP) price target cut from $49 to $38.
Analyst, Glenn Hanus, said, "NTAP reported solid F4Q results ahead of Street, but report was overshadowed by guidance well below expectations. Cautious F1Q rev. guide of down 15% q/q, vs. more typical 8-10%, on increasing macro uncertainty, especially EMEA. Beside bright spots of APAC and Americas Commercial, US Public Sector (defense), financial services (deteriorated last 90 days), and some Major Accounts remain laggards. NTAP suggests increased competition is not an issue, evidenced by solid GM% in F4Q and F1Q guide. We remain confident on NTAP’s positioning in storage landscape, but acknowledge a bumpy road ahead on macro headwinds."
Needham cuts FY13 EPS estimate from $2.62 to $2.01.
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 $32.86 yesterday, with a 52 week range of $31.94-$56.49.
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Analyst, Glenn Hanus, said, "NTAP reported solid F4Q results ahead of Street, but report was overshadowed by guidance well below expectations. Cautious F1Q rev. guide of down 15% q/q, vs. more typical 8-10%, on increasing macro uncertainty, especially EMEA. Beside bright spots of APAC and Americas Commercial, US Public Sector (defense), financial services (deteriorated last 90 days), and some Major Accounts remain laggards. NTAP suggests increased competition is not an issue, evidenced by solid GM% in F4Q and F1Q guide. We remain confident on NTAP’s positioning in storage landscape, but acknowledge a bumpy road ahead on macro headwinds."
Needham cuts FY13 EPS estimate from $2.62 to $2.01.
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 $32.86 yesterday, with a 52 week range of $31.94-$56.49.
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