Brean Capital Upgrades NetApp (NTAP) to Buy Ahead of Tomorrow's Q3 Print

February 12, 2013 7:58 AM EST
Get Alerts NTAP Hot Sheet
Price: $35.93 --0%

Rating Summary:
    10 Buy, 35 Hold, 11 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Analysts at Brean Capital are making a bold call on NetApp (NASDAQ: NTAP) into tomorrow's third quarter earnings. The firm is upgrading the stock from Hold to Buy with a price target of $45, although they say their call is not about this quarter, but the next three.

"We believe business, product, and customer momentum is shifting to the positive," analyst Ananda Baruah said. "We feel comfortable buying the stock at these levels ahead of tomorrow's Jan Q earnings call, although this isn’t a call on the quarter – it's a call on the next 3 Q's"

The analyst said CY13 could be shaping up to deliver EPS upside of at least $0.10 (and up to $0.30) to Street consensus of $2.39. They see CY13 EPS of at least $2.50 – with upside to $2.65-$2.70 a possibility.

"If the stock falls off of earnings, we’d be buying the stock on softness," the analyst said.

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 $35.36 yesterday.

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