Deutsche Bank Remains Sidelined on NetApp (NTAP) Following 4Q Miss

Deutsche Bank maintained a Hold rating and $22.00 price target on NetApp (NASDAQ: NTAP) following the company's 4Q earnings report. NTAP reported sales of $1.38B and EPS of $0.55, below Consensus at $1.40B and $0.58.

Analyst Sherri Scribner commented, "NTAP's F4Q-16 results missed expectations as the company continues to work to transform itself in the changing IT landscape. Revenue fell 10% Y/Y, the tenth straight Q of Y/Y declines, with growth not expected to resume until FY-18. Despite weak results, mgmt appeared upbeat on the call noting a pickup in the business environment throughout the Q. We remain concerned about declining sales and continued pricing pressure in NTAP's product sales, trends which we expect to continue. Given worsening profitability trends, we remain cautious on the name, however, we believe challenges are largely factored in at current levels, thus we maintain our Hold."

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 $25.52 yesterday.

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