UPDATE: Morgan Stanley Downgrades NetApp as Cloud Adoption Drives Rating Changes
In a report published Wednesday, Morgan Stanley analyst Katy L. Huberty downgraded the rating on NetApp (NASDAQ: NTAP) from Overweight to Equal-Weight.
In the report, Morgan Stanley noted, “We move to a Cautious view of our group as cloud computing adoption accelerates faster than expected. We downgrade ACN to EW, NTAP to EW, and TDC to UW on revenue and multiple risk from cloud adoption, and upgrade BRCD to EW and WDC to OW on better risk/reward. We favor AAPL, HPQ, WDC into 2014.”
NetApp closed on Tuesday at $40.74.
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