Wells Fargo Resumes NetApp (NTAP) at Market Perform

June 27, 2012 4:57 PM EDT
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Wells Fargo resumed coverage on shares of NetApp (NASDAQ: NTAP) with a Market Perform rating Wednesday afternoon.

Despite a solid position within the storage market, the firm warned "core organic storage growth has been slowing over the past few quarters, due to incredibly tough comps from FY2011 (product revenue was up more than 40% yr/yr). Although comps should be easier in FY2013, FQ1 2013 guidance is for an auspiciously slow start due to macro uncertainties."

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