Drexel Hamilton Remains Sidelined on NetApp (NTAP) Following 4Q Miss
Drexel Hamilton reiterated a Hold rating and $24.50 price target on NetApp (NASDAQ: NTAP) following the company's 4Q earnings report. NetApp reported sales of $1.38 billion, missing the Street's $1.40 billion estimate. Pro forma EPS of $0.55 also fell short of the Street's estimate of $0.58.
Analyst Brian White commented, "Last night, NetApp reported a soft 4Q:FY16 performance and offered up a muted 1Q:FY17 outlook that is below our EPS projection. As such, we are slightly trimming our estimates for FY:17 and maintaining our HOLD rating."
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Shares of NetApp closed at $25.52 yesterday.