NetApp (NTAP): Weak Channel Feedback Doesn't Tell The Whole Story - Baird

November 14, 2016 6:14 AM EST
Get Alerts NTAP Hot Sheet
Price: $36.37 +1.51%

Rating Summary:
    10 Buy, 35 Hold, 11 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Baird analyst, Jayson Noland, reiterated his Neutral on shares of NetApp (NASDAQ: NTAP) noting that several competitive previews have cited poor channel feedback across a sample of NetApp resellers. The coincides with his data points but he added color that NetApp is shifting resources to its largest partners making the near-term read difficult.

He is reiterating a Neutral rating given the competitive challenges facing the broader Storage Industry but also notes that " excessively negative sentiment could provide a trading opportunity into the quarter". No change to the price target of $37.

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 $33.86 yesterday.

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Robert W Baird, Jayson Noland

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