UPDATE: Brean Murray Carret Downgrades NetApp to Hold on Revenue Visibility Challenges

Brean Murray Carret reduces its rating on NetApp NTAP from Buy to Hold and removes its previous $50 price target. Brean Murray Carret notes, "We're moving to Hold from Buy for now as the July Q revenue softness we spoke of in our preview is substantially greater than we'd envisioned and uncertainty regarding opex $ spend the next couple of Q's remains. We continue to view NTAP as a L-T winner and best of breed leader in the important growth markets of Networked Storage, Cloud, Virtualization and Big Data." NTAP closed at $32.86 on Wednesday.