Needham & Company Maintains a 'Buy' on NetApp (NTAP); Mixed Q2; Reducing Outlook on Increased Macro Uncertainty (Mostly EMEA)

Needham & Company maintains a 'Buy' on NetApp (NASDAQ: NTAP) price target lowered from $51 to $47.

Needham analyst says, "NTAP had a generally solid F2Q. Excluding impact of 9 large U.S. commercial accounts, NTAP would have hit Street Rev. (mid-point of guide). We are reducing our outlook modestly due to uncertainty primarily in EMEA but also Federal, and unclear HDD supply beyond December timeframe."

Needham lowers FY12 EPS estimate from $2.51 to $2.37 and FY13 from $2.77 to $2.66.

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 $40.74 yesterday.

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