BMO Capital Downgrades NetApp (NTAP) to Market Perform, Sees Disappointing Qtr

BMO Capital downgraded NetApp (NASDAQ: NTAP) from Outperform to Market Perform with a price target of $32.00 (from $36.00), prior to what we expect to be yet another disappointing earnings report.

"We believe NTAP's product growth rate will be around negative 6% y/y in FY2013 and +1% y/y in FY2014. We believe NTAP continues to suffer from 1) macro pressure, 2) share loss to EMC, 3) product mix down (3000 to 2000 series), and 4) subscale sales and marketing reach," analyst Keith Bachman said.

The firm lowered FY2013 EPS estimate from $2.18 to $2.05 (consensus of $2.11) and FY2014 EPS estimate from $2.44 to $2.28 (consensus of $2.47).

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 $28.77 yesterday.

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