Credit Suisse Raises NetApp’s Price target to $27
November 19, 2009 9:04 AM
Today, Credit Suisse maintains Neutral rating on NetApp Inc. (NASDAQ: NTAP) and raises their price target to $27 from $25 earlier.
Last night, NTAP posted strong fiscal second-quarter results. The company reported $96 million, or 27 cents a share, on revenue of $910 million, compared with earnings of $43 million, or 13 cents a share, on $912 million in sales during the same period a year ago. Excluding one-time items, the company would have earned $130 million, or 37 cents a share. NetApp beat the estimates of 30 cents a share on $881.6 million in revenue.
The Firm said “We missed the recent run, but we continue to prefer EMC. While we have noted that the storage sector would recover faster and more sharply than other enterprise hardware segments, we failed to appreciate NetApp's leverage in this scenario. Nevertheless, we remain concerned with NetApp's secular prospects, and EMC remains our top enterprise pick.”
