RBC Capital Raises Price Target on NetApp (NTAP) to $36
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RBC Capital reiterated a Sector Perform rating on NetApp (NASDAQ: NTAP), and raised the price target to $36.00 (from $32.00), following the Insight 2016 General Session. The highlights included presentations from management and partners.
Analyst Amit Daryanani commented, "1) Digital Transformation: Enterprises increasingly view digital transformation as central to their corporate strategy with 67% of Global 2000 companies identifying digital as a key priority, 2) New Product Announcements: NTAP announced updates to ONTAP 9 software including MSFT Azure support for ONTAP Cloud data management and also announced six new flash-optimized storage arrays, 3) All-flash Progress: NTAP is now the second largest all-flash vendor behind EMC and ahead of PSTG, HPE, and IBM, 4) Data Fabric Vision: Company remains committed to data fabric strategy providing an infrastructure/cloud agnostic data management platform, 5) Partner Developments: partnerships enable the company to participate in new innovations within IT including 3D NAND (Samsung) and hyperconverged infrastructure (CSCO); Netapp announced the availability of SolidFire on FlexPod during the event. Maintain SP rating and raising target to $36 (increased FTM EPS multiple from 12x to 14x) to reflect improved sentiment."
Shares of NetApp closed at $35.18 yesterday.
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