- Credit Suisse upgrades NetApp (NTAP +3.5%) from underperform to neutral with a price target of $37.00, up from $35. Analyst Kulbinder Garcha writes that NetApp’s downside is limited and that management remains confident the company can improve performance despite a weak short-term guidance. Credit Suisse raises FY18 from $2.70 to $2.95 and initializes $3.23 for FY19 EPS.
- FBN Securities raises NetApp to outperform from sector perform and bumps up price target by $5 to $50. Analyst Shelby Seyrafi writes that flash storage sales and the strong leadership of CEO George Kurian could hold off competition from Pure Storage.
- Meanwhile, FBN Securities upgrades NTAP to outperform from sector perform also citing the flash sales growth and FCF yield.
- Previously: NetApp down 3.4% on Q4 beat with weak guidance (May 24)