Market Overview

UPDATE: Piper Jaffray Lowers NetApp's PT

Related NTAP
DA Davidson Bullish On F5, NetApp, Neutral On A10 Networks
Benzinga's Top Initiations
Could This 143-Year-Old Innovator Make You Money? (Fox Business)

According to a research report published this morning, Piper Jaffray has lowered NetApp's (NASDAQ: NTAP) PT from $53 to $49.

In the report, Piper Jaffray said, "We expect NetApp to report FQ4 revenue toward the high end of guidance, but provide a cautious outlook for FQ1 due to weakness in Europe and uncertainty in then public sector. We still believe NetApp can deliver market share gains over the nextfour quarters, driven by the recent launch of ONTAP 8.1, the ramping growth of both the 2240 and Engenio. We also believe the current valuation already reflects much of this cautious sentiment and therefore the risk/reward remains favorable for investors holding NetApp into the print, particularly with shares trading at just 11.9x CY13 EPS (8.6x ex-cash) and offering a 10.2% FCF yield."

Piper Jaffray maintains its Overwieght rating on NetApp, which closed Friday at $36.08.

Posted-In: Piper JaffrayAnalyst Color Price Target Analyst Ratings

 

Most Popular

Related Articles (NTAP)

Around the Web, We're Loving...

Partner Network

Get Benzinga's News Delivered Free