Needham & Company Maintains a 'Buy' on NetApp (NTAP); Raising Estimates on Core Business Strength, Engenio Closure and Accounting Change

Needham & Company maintains a 'Buy' on NetApp (NASDAQ: NTAP), PT increased by $1 to $65.

Needham analyst says, "As a tech. refresh cycle unfolds, datacenters are beginning to evolve from application based silos to virtualized pools of shared resources. NTAP’s Unified Storage appears well positioned for these virtual environments and execution continues strong. We expect NTAP to continue gaining share as its value proposition is clearly resonating...Raising F12 estimates to include Engenio (~$0.11), acctg. Change (~$0.06) and solid core business (~$0.11)." (FY12 EPS estimate from $2.15 to $2.43)

For more ratings news on NetApp click here and for the rating history of NetApp click here.

Shares of NetApp closed at $51.73 yesterday.

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