Baird Downgrades NetApp (NTAP) to Neutral
Baird downgraded NetApp (NASDAQ: NTAP) from Outperform to Neutral with a price target of $27.00 (from $35.00) following a mixed quarter and soft guidance.
Analyst Jayson Noland commented, "We do believe NetApp is showing progress, but a challenging macro plus an incrementally competitive Storage market make for a meaningful headwind. We view cost structure reduction as a positive for the stock that will provide downside support along with valuation. Our revised price target of $27 is based on 9x F17E non-GAAP EPS plus 50% of the net cash position."
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Shares of NetApp closed at $23.55 yesterday.