NetApp Shares Spike Following ISI Analyst Comments

NetApp NTAP shares on Tuesday saw an initial spike of ~1.7 percent, reaching a high of $36.94 following comments from ISI analyst Brian Marshall.

Marshall's comments came following an analyst day conference with the company.

Marshall noted that NetApp currently has ~33 percent of its market cap in net cash making it attractive to larger IT companies, such as Oracle and Cisco Systems for M&A activities.

Looking forward, Marshall believes NetApp's multi-year EPS could approach $3.75 based on new framework. This represents material upside to his current proforma calendar-year 2015 EPS estimate of $3.10.

In conjunction with his comments, Marshall maintained a Buy rating and a $40 price target.