Deutsche Bank cuts its price target on NetApp NTAP from $60 to $40 as it reiterates a Buy rating on shares.
Deutsche Bank notes, "NTAP reported revs of $1,703M and non-GAAP EPS of $0.66 (DB at
$1,693M/$0.64 and St. at $1,686M/$0.63) which beat expectation. However, F1Q guidance
was a disappointment at revs down 15% Q/Q and non-GAAP EPS at $0.34-0.39 (Street at
$0.60). Guidance notwithstanding, we believe NTAP's greater opportunity lies ahead with
multiple catalysts (ONTAP 8.1, Romley / vSphere 5 DC upgrades, product refreshes). We cut estimates but at ~5x CY12 EV/FCF shares of NTAP represent an attractive value."
NTAP closed at $32.86 on Wednesday.
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