UPDATE: Maxim Group Upgrades NetApp (NTAP) to Buy

(updated to add analyst comment)

Maxim Group upgraded NetApp (NASDAQ: NTAP) from Hold to Buy with a price target of $56.00 (from $46.00).

Analyst Nehal Chokshi comments "Our limited channel checks also indicate that NTAP has
begun to gain mindshare with resellers in terms of the company's hybrid cloud capabilities, which is providing a significant differentiator for NTAP that is aligned with the longer-termed trend of hybrid cloud adoption." The analyst expects the company could achieve 25% operating margin in five years thanks to continued improvement of organizational efficiency and product differentiation.

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 $41.49 Friday.

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