JPMorgan Raises NetApp (NTAP) PT To $85 Expecting Upside to Guidance
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JPMorgan analyst, Paul Coster, reiterated his Overweight rating on shares of NetApp (NASDAQ: NTAP) and raised his price target to $85 from $80 expecting NTAP to meet expectations for reported results and beat expectations for guidance
The analyst stated "IT spending is cyclically strong, cloud adoption continues to surprise to the upside, flash arrays are the sweet-spot of the storage device market, and NTAP is therefore well-positioned to post another strong print
given the firm is over-indexed to these growth opportunities. Expectations are elevated judging by the multiple at which the stock trades, but we think NTAP will meet and beat".
Shares of NetApp closed at $81.95 yesterday.
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