FBN Securities Raises Price Target on NetApp (NTAP) Following Solid 1Q Report
FBN Securities reiterated a Sector Perform rating on NetApp (NASDAQ: NTAP), and raised the price target to $35.00 (from $27.00), following the company's 1Q earnings report. NTAP reported revenue of $1.29B, above the consensus of $1.26B. NG EPS of $.46 was also above consensus of $.36. FBN notes that the only notable blemish in the report was the product GM as this metric was only 46.7%.
Analyst Shebly Seyrafi commented, "We retain our Sector Perform rating on NTAP and raise our PT from $27 to $35. The company reported FQ1 results better than expected due to smaller than expected declines in the mature product areas (where revenue declined by 24% Y/Y vs. by 40% last fiscal year), still above 20% Y/Y growth in strategic solutions (up 24% Y/Y last quarter), and strong opex management as S&M, R&D, and G&A each declined by 12-13% Y/Y."
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Shares of NetApp closed at $28.85 yesterday.