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Credit Suisse reduces its price target on NetApp
NTAP from $45 to $30 and maintains its Neutral rating on shares.
Credit Suisse says, "Following concerning guidance, we substantially lower our FY13 EPS by 22% to $2.14, and introduce our FY14 EPS estimate of $2.26. …Management highlighted that the expected qoq revenue decline of 15% at the mid-point in the July quarter (5 year seasonality is -5%) is due to macro factors, as well as high exposure to Western Europe (~30% of sales) and the Public sector (~15% of sales). While these have had some impact, we believe that the lower growth expected could also be a function of mid-end share loss."
NTAP closed at $32.86 on Wednesday.
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