Wedbush Assumes Coverage on NetApp (NTAP) at Neutral; Shares Appropriately Valued as NT Headwinds and Competition May Limit Growth Prospects
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Price: $207.08 +1.02%
Rating Summary:
23 Buy, 31 Hold, 3 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
23 Buy, 31 Hold, 3 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Wedbush assumes coverage on NetApp (NASDAQ: NTAP) with a Neutral. PT $40.00 (from $60).
Wedbush analyst said, "Despite our near-term concerns, we believe NetApp is well positioned given a solid secular growth story driven by the need for increased storage requirements due to strong growth in data-rich applications and the proliferation of cloud and virtualized environments. However, we think positive long-term trends are taking a backseat to concerns that could jeopardize the NetApp’s near-term revenue and EPS estimates—such as the potential for a slowdown in the storage market, moderating Engenio OEM growth, intensifying competition and exposure to Europe and the U.S. public sector."
Wedbush raises FY12 EPS estimate from $2.22 to $2.37, raises FY12 revs from $5.675 bln to $6.197 bln.
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 $35.04 yesterday.
Wedbush analyst said, "Despite our near-term concerns, we believe NetApp is well positioned given a solid secular growth story driven by the need for increased storage requirements due to strong growth in data-rich applications and the proliferation of cloud and virtualized environments. However, we think positive long-term trends are taking a backseat to concerns that could jeopardize the NetApp’s near-term revenue and EPS estimates—such as the potential for a slowdown in the storage market, moderating Engenio OEM growth, intensifying competition and exposure to Europe and the U.S. public sector."
Wedbush raises FY12 EPS estimate from $2.22 to $2.37, raises FY12 revs from $5.675 bln to $6.197 bln.
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 $35.04 yesterday.
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