UPDATE: Piper Jaffray Lowers NetApp's PT

According to a research report published this morning, Piper Jaffray has lowered NetApp's (NASDAQ: NTAP) PT from $53 to $49.In the report, Piper Jaffray said, "We expect NetApp to report FQ4 revenue toward the high end of guidance, but provide a cautious outlook for FQ1 due to weakness in Europe and uncertainty in then public sector. We still believe NetApp can deliver market share gains over the nextfour quarters, driven by the recent launch of ONTAP 8.1, the ramping growth of both the 2240 and Engenio. We also believe the current valuation already reflects much of this cautious sentiment and therefore the risk/reward remains favorable for investors holding NetApp into the print, particularly with shares trading at just 11.9x CY13 EPS (8.6x ex-cash) and offering a 10.2% FCF yield."Piper Jaffray maintains its Overwieght rating on NetApp, which closed Friday at $36.08.