Drexel Hamilton Reiterates Hold Following NetApp's (NTAP) Mixed 3Q
Drexel Hamilton reiterated a Hold rating on NetApp (NASDAQ: NTAP), and cut the price target to $24.50 (from $27.00), following the company's 3Q earnings report. NetApp reported 3Q:FY16 sales of $1.39 billion that missed the Street's estimate at $1.45 billion, while pro forma EPS of $0.70 beat the Street's $0.68.
Analyst Brian White commented, "Last night, NetApp reported a soft 3Q:FY16 sales performance and offered up a 4Q:FY16 outlook that is weaker than our projections. NetApp also announced a new cost reduction program that includes a 12% decrease in headcount."
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Shares of NetApp closed at $23.55 yesterday.