UPDATE: Credit Suisse Cuts PT to $30 on NetApp on Lower Outlook

Credit Suisse reduces its price target on NetApp

from $45 to $30 and maintains its Neutral rating on shares. Credit Suisse says, "Following concerning guidance, we substantially lower our FY13 EPS by 22% to $2.14, and introduce our FY14 EPS estimate of $2.26. …Management highlighted that the expected qoq revenue decline of 15% at the mid-point in the July quarter (5 year seasonality is -5%) is due to macro factors, as well as high exposure to Western Europe (~30% of sales) and the Public sector (~15% of sales). While these have had some impact, we believe that the lower growth expected could also be a function of mid-end share loss." NTAP closed at $32.86 on Wednesday.