RBC Capital Raises Price Target on NetApp (NTAP) to $36
- Stocks dip as earnings pour in, consumer discretionary lags
- UPDATE: Alphabet (GOOG) Tops Q3 EPS Views; Revs Strong
- Baker Hughes (BHI), General Electric (GE) in Partnership Talks, Not Merger Talks
- Twitter (TWTR) Tops Q3 EPS by 4c; Announces Restructuring, Workforce Reduction
- Cirrus Logic, Inc. (CRUS) Q2 Results and Guidance Beat Estimates
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Mizuho Securities Downgrades Community Health (CYH) to Underperform
- Jefferies Cuts Price Target on Essendant (ESND) to $18 Following EPS Miss
- Jefferies Raises Price Target on Planet Fitness (PLNT) Following Solid 3Q
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesRBC Capital
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!