Auriga Reiterates a 'Buy' on NetApp (NTAP); Makes EPS Target, but Misses Revenue Goal as Macro Issues are Suddenly Upon Us

Auriga reiterates a 'Buy' on NetApp (NASDAQ: NTAP) price target lowered from $57 to $55.

Auriga analyst says, "The market continues to price in the risk of a double dip recession, with merciless corrections the norm for any minor misstep. We don't pretend to be able to predict the entire global economy, and we acknowledge that both NTAP shares and the overall market might continue falling in the coming weeks. However, we do firmly believe that NetApp will be a 10-15% top-line grower, over time, even with very modest 2-3% US GDP growth. Given that outlook, we believe NTAP shares represent a very good long term value, thus we reiterate a BUY rating."

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

Shares of NetApp closed at $41.66 yesterday.

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