Brean Murray Carret & Co. Downgrades NetApp (NTAP) to Hold; Visibility Challenged

Brean Murray Carret & Co. downgraded NetApp (NASDAQ: NTAP) from Buy to Hold.

Analyst, Ananda Brauah, said, "We're moving to Hold for now as the July Qtr revenue softness we spoke of in our preview is substantially greater than we'd envisioned and uncertainty regarding opex $ spend the next couple of quarters remains. We continue to view NTAP as a long-term winner and best of breed in the important growth markets of Networked Storage, Cloud, Virtualization and Bid Data."

Lowers FY13 EPS estimate from $2.78 to $1.73.

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 $32.86 yesterday.

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