Summit Redstone Upgrades NetApp (NTAP) to Buy
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Summit Redstone upgraded NetApp (NASDAQ: NTAP) from Hold to Buy with a price target of $45.00.
Analyst Srini Nandury highlighted:
- We are optimistic that the company can grow its product revenue from current levels driven by AFA sales and increasing adoption of clustered ONTAP (“cDot”). We expect the adoption of cDot by the install base to remain ongoing, while sales to new customers to stay robust.
- Strengthened position in Flash: NetApp has been fairly aggressive in pushing All Flash FAS, not only within its install base but also with new customers. Only 2% of customers have moved to using AFA’s. NetApp has a huge install base to convert to FAS over the next few years, and in our opinion, most will move to Flash storage powered by ONTAP, given the company’s data management capabilities. More importantly, most will stick with NetApp, given that the upgrade is more seamless than bringing in a newer vendor and migrating the data. NetApp All Flash FAS continues to disrupt Vmax.
- NetApp is likely to launch an HCI offering based on the recently acquired SolidFire product line.
- Raising our F2017 and F2018 revenue and EPS estimates
Shares of NetApp closed at $34.73 yesterday.
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