UBS Raises Price Target on NetApp (NTAP) to $32; Reiterates Sell
- Wall Street dips as investors ready for Trump's inauguration
- Western Union (WU) Admits Anti-Money Laundering and Consumer Fraud Violations, Forfeits $586M in Settlement
- Netflix, Inc. (NFLX) Tops Q4 EPS by 1c; Subs Beat Views
- Apple (AAPL) PT Raised to $140 at BofA/Merrill Lynch; iPhone 8 Will be 'Super-Long' Cycle
- Morgan Stanley Upgrades Tesla Motors (TSLA) to Overweight
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your 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."
Shares of NetApp closed at $34.73 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Fastenal (FAST) PT Raised to $49 at Credit Suisse Following 4Q
- Kroger (KR) PT Raised to $33 at Credit Suisse; Reiterates Neutral
- ADTRAN (ADTN) PT Raised to $27.50 at MKM Partners Following Strong 4Q
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesUBS, Earnings
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!