Barclays Cuts Price Target and Estimates on NetApp (NTAP); Disappointing Qtr, But There Is Hope

Barclays maintains an 'Overweight' on NetApp (NASDAQ: NTAP) price target dropped from $49 to $35.

Analyst, Ben A. Reitzes, said, "We acknowledge increased competitive pressures from EMC (NYSE: EMC) (our top pick in the space), but still believe that NetApp can accelerate sales following its July quarter, likely helping the stock from these levels."

"For FY13, our EPS estimate decreases to $2.06 (was $2.69) based on 5% y/y revenue growth to $6.52Bn (was $6.97Bn). Included in this estimate is F1Q 13 EPS of $0.37 (was $0.60) based on flat y/y revenue growth (-15% q/q) to $1.45Bn (was $1.61Bn). Our FY14 EPS estimate decreases to $2.26 (was $3.15) based on 8% y/y revenue growth to $7.05 Bn (was $7.77Bn)."

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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