Sterne Agee Says to Expect Continued Strength from NetApp in Channel
According to Sterne Agee's recent research report, NetApp Inc. (NASDAQ: NTAP) will need to clarify some of its issues in order for shares to see a sustained upside move.
In the report, Sterne Agee commented, “Feedback from national Star and Platinum NetApp partners that are focused on MidRange opportunities (unified storage, $25-$150K deal size) suggest some dislocation from the EMC platform but nothing that are leading them to downsize their CY2012 growth outlook. Clearly EMC has shown success with VNX since its release, yet our partner contacts remind us that the MidRange/Commercial storage market is not always a zero-sum argument between these two companies and includes a much broader set of vendors than in the High-end market. Our N.A.channel checks suggest 3Q12 could partially benefit from a generally positive C4Q11 flush.”
Sterne Agee maintains its Neutral rating on NetApp, which closed Friday at $39.69.
