In a report published Friday, Cantor Fitzgerald analyst Brian J. White initiated coverage on NetApp NTAP with a Buy rating and $53.00 price target.
In the report, Cantor Fitzgerald noted, “We are initiating coverage of NetApp with a BUY rating and 12-month price target of $53.00. NetApp is recognized as the #2 external storage vendor in the world, per IDC, and a pioneer in the development of network attached storage (NAS). In our view, the combination of a quarterly trough in the product sales cycle at NetApp in FY13, the ramp of Clustered Data ONTAP 8.2 and the announcement of a significant increase in cash distribution to shareholders should keep investors interested in the stock. We believe the stock is attractive at a CY14 P/E (ex-cash) of just 10.4x.”
NetApp closed on Thursday at $44.32.
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