Needham & Company Upgrades NetApp (NTAP) to Buy

Needham & Company upgraded NetApp (NASDAQ: NTAP) from Hold to Buy with a price target of $49.00.

Analyst Richard Kugele said, "With a refreshed product suite, rapidly increasing Clustered ONTAP attach rates, and the long-awaited FlashRay imminently shipping, we believe NTAP has executed on that which is within its control. While our longer-term concerns about competitive positioning vs. a number of innovative start-ups remain, we believe a rising tide of enterprise demand (especially in the US) could overcome the impacts of select deal losses to drive overall growth. Consequently, we are upgrading to Buy from Hold and instituting a $49 price target based on 12x NTM EPS of $3.08 plus net cash of $12.37."

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 $39.30 yesterday.

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