UPDATE: Deutsche Bank Reduces PT to $40 on NetApp Post Quarterly Results.

Deutsche Bank cuts its price target on NetApp

from $60 to $40 as it reiterates a Buy rating on shares. Deutsche Bank notes, "NTAP reported revs of $1,703M and non-GAAP EPS of $0.66 (DB at $1,693M/$0.64 and St. at $1,686M/$0.63) which beat expectation. However, F1Q guidance was a disappointment at revs down 15% Q/Q and non-GAAP EPS at $0.34-0.39 (Street at $0.60). Guidance notwithstanding, we believe NTAP's greater opportunity lies ahead with multiple catalysts (ONTAP 8.1, Romley / vSphere 5 DC upgrades, product refreshes). We cut estimates but at ~5x CY12 EV/FCF shares of NTAP represent an attractive value." NTAP closed at $32.86 on Wednesday.