UPDATE: Piper Jaffray Raises PT to $41 on NetApp Following Earnings Beat

Piper Jaffray reiterated its Overweight rating on NetApp

and increased its price target from $40 to $41. Piper Jaffray noted, "NetApp reported in-line FQ1 results, though EPS was modestly ahead of expectations, and management's guidance for FQ2 bracketed Street estimates. More importantly, the company's execution continues to improve and we believe the new ONTAP 8.1 cluster-mode is gaining traction with both new and existing customers. With estimates likely to remain well below normal seasonality, we believe NetApp is now set up to deliver a potential “beat and raise” quarter in FQ2(Oct), assuming demand continues to progress." NetApp closed at $31.75 on Wednesday.