Argus Downgrades NetApp (NTAP) to Hold

Argus downgraded NetApp (NASDAQ: NTAP) from Buy to Hold.

"Our downgrade is based on the deteriorating performance of the company’s branded business, which accounts for more than 90% of sales," the analyst said.

"In a troubling sign, NetApp called out its linchpin technology, Clustered Data ONTAP, as a source of disruption within its own pipeline of direct and indirect sales to existing customers," the firm added.

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 $31.77 yesterday.

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