UPDATE: Deutsche Bank Raises PT to $55 on NetApp

Deutsche Bank maintains its Buy rating on NetApp

and raises its price target to $55 from $46 on increased visibility to earnings. Deutsche Bank says, "NTAP reported revs of $1,566M and non-GAAP EPS of $0.58 (DB at $1,559M/$0.58 and St. at $1,560M/$0.58). As previewed, the in-line Jan Q was one to 'get through' and the greater opportunity lies ahead with multiple catalysts (ONTAP 8.1, Romley / vSphere 5 DC upgrades, LE product refresh) and increasingly easy compares. With improved line of sight on earnings we raise est's and PT to $55. Trading at ~8x CY12 EV/FCF we continue to view shares of NTAP as attractive." NTAP closed at $39.88 a share yesterday.