UBS Raises Price Target on NetApp (NTAP) to $32; Reiterates Sell

November 17, 2016 9:54 AM EST
Get Alerts NTAP Hot Sheet
Price: $36.30 --0%

Rating Summary:
    10 Buy, 35 Hold, 11 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 7 | Down: 12 | New: 1
Trade NTAP Now!
Join SI Premium – FREE

Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.

UBS reiterated a Sell rating on NetApp (NASDAQ: NTAP), and raised the price target to $32.00 (from $30.00), following the company's 2Q earnings report. NTAP reported product revenue of $710mn, below consensus of $722mn.

Analyst Steven Milunovich commented, "Product revenue of $710mn was down 13% YoY and below consensus of $722mn, but the operating margin of 15.2% was 160bps better than consensus of 13.6%. The margin upside was driven by (1) a 60bps higher gross margin of 62.7%, and (2) 100bps from lower opex, though cutting R&D 5% more than we expected is a concern. The $0.06 beat shows costs are well controlled, but we remain concerned about secular storage pressures that may result in future disappointments."

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 $34.73 yesterday.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In






Related Categories

Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change

Related Entities

UBS, Earnings

Add Your Comment