UPDATE: Citigroup Reiterates Neutral Rating, Raises PT on NetApp on Mixed Factors

In a report published Thursday, Citigroup analyst Jim Suva reiterated a Neutral rating on

, and raised the price target from $41.00 to $43.00. In the report, Citigroup noted, “For 2FQ14 (Oct quarter), NTAP reported revs of $1.55B (+1% y/y, +2% q/q), which were below consensus of $1.60B entirely due to weakness in US Federal. However, non-GAAP EPS of $0.66 came in above consensus $.063 primarily due to better-than-expected GM (63.6% vs consensus 60.9%). Despite a 3FQ revenue miss and 4FQ revs/EPS guide-down, the shares are slightly up after-market given the EPS beat, and the fact that the top-line miss and guide-down was largely anticipated by investors.” NetApp closed on Wednesday at $41.29.