UPDATE: ISI Group Initiates Coverage on NetApp at Buy, $48 PT

ISI Group reports that it is initiating coverage on NetApp

with a Buy rating and a $48 price target. ISI writes, “NTAP's financial model is proving itself to be extremely resilient despite recent weakness in the US public sector and among financial services customers. NTAP is well-positioned to cost-effectively serve the high-growth mid-range segment of the enterprise storage space. It is a member of our prestigious “Secular Growth Pedestal” (

) of enterprise infrastructure." NTAP closed Friday at $38.89.