NetApp ticks higher following bullish analyst notes

Ahead of NetApp's (NTAP +1.6%) Aug. 14 FQ1 report, OTR Global has upgraded shares to Positive, and Jefferies has raised its PT to $44 from $35.

Jefferies, which expects NetApp to beat estimates and raise guidance, says its FQ1 checks suggest many NetApp resellers finished ahead of plan.

On Tuesday, Stifel raised its PT to $47 from $42. The firm only expects NetApp to meet FQ1 estimates, but is a fan of the enterprise storage vendor's valuation (~10x calendar 2014E EPS exc. cash), new capital return efforts, and long-term growth (its calendar 2014 EPS forecast of $3.27 is above a $2.97 consensus).

Shares +27% YTD.

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