The Street Is More Cautious Than Analysts About NetApp's Earnings Tomorrow

NetApp (NTAP) shares are trading lower ahead of the company’s announcement tomorrow of financial results for its fiscal fourth quarter ended April.

The company’s latest guidance was for revenue of $915 million to $945 million, with profits of 35-37 cents a share non-GAAP. The Street sees $936.5 million and 36 cents. For FY April ‘09, the network storage provider has projected revenue of $3.79 million to $3.95 billion, with profits of $1.40-$1.46 a share.

RBC Capital’s Thomas Curlin this morning asserted that bookings in latest quarter were likely sufficient for the company to hit Street estimates; he also thinks it is possible the company will provide July quarter guidance at or above the current consensus, but says it is more likely to keep the current view in place given “a more challenging pricing environment” due to moves by rivals EMC (EMC) and Hewlett-Packard (HPQ).

Caris & Co.’s Shebly Seyrafi this morning writes that channel checks “point to solid growth for NTAP in the April quarter;” he raised his revenue estimate to $945 million from $928.2 million. He upped his FY 09 EPS estimate to $1.37 from $1.32; for ‘10 he goes to $1.52 from $1.46. Seyrafi maintains a Buy rating on the stock, but also cautions that “the stock could exhibit weakness from late may to early August due to concerns about FY Q1 seasonality and a possibly slower Europe.”

Comments

[seeksome]

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