RBC Capital Raises Price Target on NetApp (NTAP) to $36

September 27, 2016 7:37 AM EDT
Get Alerts NTAP Hot Sheet
Price: $33.92 +0.15%

Rating Summary:
    10 Buy, 35 Hold, 10 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 14 | Down: 11 | New: 8
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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."

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 $35.18 yesterday.

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