Morgan Stanley Sees NetApp Betting on Enterprise and Market Recovery

In a report published Wednesday, Morgan Stanley analyst Katy L. Huberty reiterated an Underweight rating and $34.00 price target on

. In the report, Morgan Stanley noted, “At its analyst day, NetApp declared it is now on the offense and expects growth to reaccelerate after a product portfolio transition over the last 2-3 years. But we believe guidance for mid-single-digit revenue growth in FY15-17 is aggressive in context of a weak storage market (+1% in '13 and -4% in 1Q14).” NetApp closed on Tuesday at $36.09.