UPDATE: Goldman Sachs Lowers NetApp's PT
According to a research report published this morning, Goldman Sachs has lowered NetApp's (NASDAQ: NTAP) PT from $41 to $29.
In the report, Goldman Sachs explained, "NetApp reported 4QFY2012 results that came in ahead of expectations, but it issued guidance that fell considerably short of our estimates and consensus. Revenues of $1.70 billion were slightly above our estimate of $1.69 billion and consensus of $1.68 billion. Non-GAAP EPS of $0.66 was also higher than our estimate of $0.62 and consensus of $0.63. NetApp guided to 1QFY2013 revenue of $1.40-$1.50 billion, lower than our estimate and consensus of $1.61 billion, and to non-GAAP EPS of $0.34-$0.39, well below our estimate of $0.57 and consensus of $0.59."
Goldman Sachs maintains its Neutral rating on NetApp, which closed yesterday at $32.86.
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