UPDATE: Deutsche Bank Raises PT on NetApp on Multiple Positive Factors

In a report published Wednesday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on NetApp NTAP, and raised the price target from $40.00 to $48.00.

In the report, Deutsche Bank noted, “NTAP reported revs of $1.72B and non-GAAP EPS of $0.69 (DB at $1.77B/ $0.67, Street at $1.76B/$0.68) which missed the top line but beat EPS expectations. We believe converging product cycles (ONTAP 8.1/8.2 and HW upgrades), NTAP's heightened focus on profitability and a large capital return program provide multiple paths to increasing shareholder returns. At ~9x CY13 EV/FCF, NTAP remains an attractive value with room for multiple expansion; particularly in light of shareholder friendly actions ($3B buyback and dividend). Maintain Buy.”

NetApp closed on Tuesday at $36.63.