Barclays Cuts Price Target and Estimates on NetApp (NTAP); Disappointing Qtr, But There Is Hope
Tweet Send to a FriendGet Alerts NTAP Hot Sheet
Price: $38.98 -1.04%
Rating Summary:
17 Buy, 21 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
Rating Summary:
17 Buy, 21 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
Trade NTAP Now!
Barclays maintains an 'Overweight' on NetApp (NASDAQ: NTAP) price target dropped from $49 to $35.
Analyst, Ben A. Reitzes, said, "We acknowledge increased competitive pressures from EMC (NYSE: EMC) (our top pick in the space), but still believe that NetApp can accelerate sales following its July quarter, likely helping the stock from these levels."
"For FY13, our EPS estimate decreases to $2.06 (was $2.69) based on 5% y/y revenue growth to $6.52Bn (was $6.97Bn). Included in this estimate is F1Q 13 EPS of $0.37 (was $0.60) based on flat y/y revenue growth (-15% q/q) to $1.45Bn (was $1.61Bn). Our FY14 EPS estimate decreases to $2.26 (was $3.15) based on 8% y/y revenue growth to $7.05 Bn (was $7.77Bn)."
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 $32.86 yesterday, with a 52 week range of $31.94-$56.49.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Analyst, Ben A. Reitzes, said, "We acknowledge increased competitive pressures from EMC (NYSE: EMC) (our top pick in the space), but still believe that NetApp can accelerate sales following its July quarter, likely helping the stock from these levels."
"For FY13, our EPS estimate decreases to $2.06 (was $2.69) based on 5% y/y revenue growth to $6.52Bn (was $6.97Bn). Included in this estimate is F1Q 13 EPS of $0.37 (was $0.60) based on flat y/y revenue growth (-15% q/q) to $1.45Bn (was $1.61Bn). Our FY14 EPS estimate decreases to $2.26 (was $3.15) based on 8% y/y revenue growth to $7.05 Bn (was $7.77Bn)."
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 $32.86 yesterday, with a 52 week range of $31.94-$56.49.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- UPDATE: BofA/Merrill Lynch Downgrades Cliffs Natural Resources (CLF) to Underperform
- Wedbush Starts Owens Corning (OC) at Outperform
- UPDATE: Keryx Biopharma (KERX) Patents Strong; JPMorgan Starts at Overweight
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT ChangeRelated Entities
Barclays
Login with Facebook
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!
