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NetApp upgraded to Buy at Goldman Sachs; +3.02%

Jan. 30, 2017 9:06 AM ETNetApp, Inc. (NTAP) StockNTAPBy: Eric McCaffrey, SA News Editor
  • Analyst Simona Jankowski, raising rating from Neutral, notes expectation for NetApp's Q3 2017 quarter to represent a return to growth following 12 successive quarters of year-over-year declines. Attributes high all-flash array growth, better competitive positioning, greater IT spending and subsiding pricing pressure.
  • Models Q3 2017 EPS at $0.77 (consensus $0.74), Q4 2017 at $0.80 (consensus $0.77), FY 2018 at $3.03 (from $2.90, consensus $2.88) and FY 2019 at $3.20 (from $3.07, consensus $2.98).
  • Further views repatriation as a possible catalyst lending to increased buybacks and for the prospect to give potential buyers "dry powder" for M&A.
  • NetApp (NASDAQ:NTAP) target increased from $36 to $43 (pre-market $38.90).
  • Previously (November 17, 2016): Goldman Sachs sidelined on NetApp despite core business momentum

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