NetApp (NTAP) PT Raised to $62 at UBS; Reiterates Buy
Get Alerts NTAP Hot Sheet
Rating Summary:
20 Buy, 29 Hold, 6 Sell
Rating Trend: Down
Today's Overall Ratings:
Up: 10 | Down: 10 | New: 5
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UBS raised its price target on NetApp (NASDAQ: NTAP) to $62.00 (from $52.00) while maintaining a Buy rating after reaching out to channel contacts. UBS found that NetApp's pricing is firming with an improved product line. One VAR said, "NetApp's products are selling at a premium to where they were." Customer interest reflects comments CEO George Kurian made a few months ago regarding the company's ability to get paid based on increased value.
NetApp has almost $10 in net cash per share and said it would repatriate cash to buy stock, boost the dividend, and repay debt. FCF is impressive at 19-21% of revenue. The cash conversion cycle did overshoot at -11 days and should head toward zero.
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