UPDATE: Citigroup Raises PT on NetApp to $50

Citigroup has published a research report on NetApp NTAP and has raised the price target on the company from $45 to $50 after January quarter revenues came in roughly in-line with analyst estimates. In the report, Citigroup writes, "3FQ12 is the first qtr since 4FQ11 in which results and guidance have not disappointed, suggesting that consensus ests have bottomed. Moreover, we expect acceleration in rev and EPS growth throughout FY13 as HDD supply constraints and cost pressures subside and growth comps get easier. Longer term, we continue to view NTAP as one of the best secular growth stories within hardware given the co's focus on the fastest growing sub-segments of the enterprise storage market. Our revised $50 one-year target suggests 25% upside vs. yesterday's close." Citigroup maintains its Buy rating on NetApp, which is currently trading up $2.09 from yesterday's $39.88 closing price.