UPDATE: Wunderlich Securities Cuts PT to $45 on NetApp

Wunderlich Securities lowers its price target from $47 to $45 on Buy-rated NetApp

on a range of recent developments. Wunderlich Securities comments, "We believe a number of factors including supply constraints, competition, and ongoing delays in the GA release of ONTAP 8.1 warrant an intra-quarter look at the company. Put simply, while we view the valuation and prospects for the broader storage market as compelling, we increasingly struggle with the company's execution, product roadmap, competitiveness and culture. Accordingly, we are maintaining our Buy rating but we're reducing our price target to $45 in light of what we view as increased uncertainty around the name." NTAP closed at $40.94 on Thursday.