UPDATE: Deutsche Bank Raises PT on NetApp Following Revenue/EPS Report

In a report published Thursday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on NetApp NTAP, and raised the price target from $48.00 to $50.00.

In the report, Deutsche Bank noted, “NTAP reported revs of $1.52B and non-GAAP EPS of $0.53 (DB at $1.52B/ $0.50, Street at $1.53B/$0.49) which beat EPS expectations. We believe converging product cycles (ONTAP 8.1/8.2 and HW upgrades), NTAP's focus on profitability and a large capital return program provide multiple paths to increasing shareholder returns. We raise est's and at ~9x CY13 EV/FCF, NTAP remains an attractive value with room for multiple expansion; particularly in light of shareholder friendly actions and building product momentum. Maintain Buy.”

NetApp closed on Wednesday at $42.33.