UPDATE: Lake Street Capital Markets Initiates NetApp at Buy on Products Comp Outlook

Lake Street Capital Markets initiated NetApp

with a Buy rating and a $43.00 price target. Lake Street Capital Markets noted, "[B]oth the micro and macro negatives seem to be pretty well baked in by the market, which is one of the reasons the stock is trading where it is. We believe NetApp's OEM weakness, disk price declines and FX headwinds are relatively temporary and that the coming fiscal year will show better product revenue growth given pent up demand, the new Data ONTAP 8 product cycle and a recently-expanded Cisco relationship." NetApp closed at $36.25 on Friday.