UPDATE: Jefferies Starts NetApp (NTAP) at Hold

(Updated - October 10, 2014 7:15 AM EDT)

Jefferies initiated coverage on NetApp (NASDAQ: NTAP) with a Hold rating and a price target of $45.00.

Analyst James Kisner comments, "Like EMC, NetApp should also benefit from a positive medium-term backdrop in storage and has recently refreshed its product lines; however, NetApp is not as well-positioned to address longer term cloud trends and is the most at risk to lose share to new entrants in the storage market. That said, we believe investors are in aggregate mostly aware of the downside risks and it is an “underdog” of sorts amongst investors. We initiate with a Hold and a $45 target."

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 $40.24 yesterday.

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