Deutsche Bank Positive on NetApp's Growth Drivers

Deutsche Bank has published a research report on NetApp

after meeting with company CFO Nick Noviello and SVP Jay Kidd. In the report, Deutsche Bank writes, "Earlier today we met with Nick Noviello (CFO) and Jay Kidd (SVP) at NTAP headquarters who provided a deep dive into NTAP's products & business prospects. Specifically, we see multiple growth drivers ahead including ONTAP 8.1, Romley datacenter upgrades, and future HW refreshes which should support improving growth & profitability going forward. Currently trading at ~8x CY12 EV/FCF we continue to view shares of NTAP as attractive; maintain Buy." Deutsche Bank maintains its Buy rating and $55 price target on NetApp, which is currently trading up $1.23 from yesterday's $41.84 closing price.