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Delayed Deals Add To Currency Headwinds For NetApp

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In a report published Thursday, Morgan Stanley analyst Katy L. Huberty reiterated an Underweight rating on NetApp (NASDAQ: NTAP), but lowered the price target from $35.00 to $34.00.

In the report, Morgan Stanley noted, "On the back of the F3Q revenue miss and weak F4Q guidance, NetApp plans to refocus its investments and expand its go-to-market initiatives. The company dismissed competitive concerns as sales force productivity remains high with execution issues mostly the result of deal pushouts."

The report continued, "However, our checks with resellers suggest the product differentiation at NetApp is diminishing due to emerging flash competitors and threat from data migrating to cloud. NetApp also highlighted elongated sales cycles with customers resetting and pausing budgets in the month of January on the back of energy prices and currency concerns. To address heightened budget scrutiny, NetApp plans to increase the size of its quota carrying sales force in order in order to broaden the deal pipeline."

NetApp closed on Wednesday at $39.79.

Latest Ratings for NTAP

DateFirmActionFromTo
Feb 2021Morgan StanleyMaintainsOverweight
Feb 2021Credit SuisseMaintainsOutperform
Dec 2020Morgan StanleyUpgradesEqual-WeightOverweight

View More Analyst Ratings for NTAP
View the Latest Analyst Ratings

 

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Posted-In: Katy L. Huberty Morgan StanleyAnalyst Color Price Target Analyst Ratings

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