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NetApp jumps as Barron's praises valuation, turnaround efforts

Jun. 30, 2014 10:43 AM ETNetApp, Inc. (NTAP) StockNTAPBy: Eric Jhonsa, SA News Editor
  • NetApp's (NTAP +4.3%) 14% free cash flow yield is somewhere between Apple/Microsoft's 9% and "robbing a convenience store," gushes Barron's in a bullish column.
  • Though admitting NetApp's top line has been pressured by cloud storage growth (aided by an ongoing price war), competition from rival flash/hybrid storage systems, and plunging OEM sales to IBM, it notes the company is trying to meet the challenge by launching its FlashRay systems and overhauling its Data ONTAP OS to simultaneously manage on-premise and cloud storage.
  • FlashRay, due later this year and built from the ground up to handle flash storage, will face competition from all-flash systems from EMC, IBM, Pure Storage, and others. NetApp promises to keep FlashRay costs down via techniques that minimize NAND flash wear (thus allowing cheaper parts to be used).
  • Barron's also mentions Piper has spotted a 22% increase in NetApp job listings, something it views as a sign of improved demand following recent job cuts.
  • NetApp rallied last week after offering a better-than-expected analyst day outlook.

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