UPDATE: Goldman Sachs Upgrades NetApp (NTAP) to Neutral
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(Updated - August 24, 2016 8:47 AM EDT)
Goldman Sachs upgraded NetApp (NASDAQ: NTAP) from Sell to Neutral with a price target of $32.00 (from $26.00). Analyst Simona Jankowski sees more balanced risk/reward and has higher confidence in revenue stabilization.
"Our more positive view is based on 1) improved positioning in the transition to all-flash, 2) better trends in the strategic product portfolio (including the cDOT migration), which is now 61% of product revenues and should help offset mature revenue declines, and 3) ongoing cost reductions in COGS/opex," said Jankowski.
Shares of NetApp closed at $34.99 yesterday.
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