Wells Fargo Securities Believes Analyst Day Highlights Good Things for Restoration Hardware Holdings

In a report published Wednesday, Wells Fargo Securities analyst Maynard Um reiterated a Market Perform rating on

. In the report, Wells Fargo Securities noted, “While we believe NetApp has a strong position in the storage market, core product growth declined low-single-digit percent in FY13. FY14 comps should be easier, but macro remains uncertain, and while we believe macro is likely the bigger issue, we think investor sentiment is one of ‘reasonable doubt' relative to competition and, hence, we do not expect multiple expansion until there is greater clarity.” Restoration Hardware Holdings closed on Tuesday at $36.09.