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William Blair & Company analysts Jason Ader and Dmitry Netis reiterated their Outperform rating for shares of NetApp Inc
NTAP.
The analysts said that they are convinced that the NetApp Inc business model should support an operating margin better than the 16% target set by management.
The William Blair & Company analysts wrote, "we had expected a beat-and-raise quarter from NetApp and the company more than delivered, exceeding our expectations by 8% on the top line and $0.07 on the bottom line. The magnitude of the top-line outperformance even exceeded that of the prior quarter, which beat consensus by 7%. Strong product revenue, which was $74 million above our expectations and was up an impressive 50% year-over-year, contributed roughly $0.03 in earnings upside, with better-than-expected services gross margin and lower operating expense as a percentage of sales each contributing $0.02 of upside."
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Posted In: Analyst ColorAnalyst RatingsTechComputer Storage & PeripheralsDmitry NetisInformation TechnologyJason AderWilliam Blair & Company
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