Maxim Group Keeps Their Buy Rating on NetApp (NTAP)


Maxim Group analyst Nehal Chokshi reiterated a Buy rating on NetApp (NTAP) today and set a price target of $89. The company’s shares closed yesterday at $78.03.

Chokshi commented:

“Agreements (ELAs), product revenue decelerates again to 9% y/y growth rate, which is still well above long-term guidance of mid-single digit growth. Midpoint guidance in-line with consensus, which embeds product revenue will decelerate to 5% y/y growth, but still post a seasonal 10% q/q increase. On in-line to consensus guidance, but below our more bullish F2H19 estimates, we are slightly lowering estimates & thus 12-month price target to $89, from $91. Our extensive technology channel checks gives us confidence NTAP’s Hybrid Cloud will be a driver of sustained share gains, reiterating Buy rating.”

According to TipRanks.com, Chokshi is a 4-star analyst with an average return of 9.2% and a 54.3% success rate. Chokshi covers the Consumer Goods sector, focusing on stocks such as Hewlett Packard Enterprise, Super Micro Computer, and Palo Alto Networks.

NetApp has an analyst consensus of Moderate Buy, with a price target consensus of $87.08, which is an 11.6% upside from current levels. In a report released yesterday, Loop Capital Markets also maintained a Buy rating on the stock with a $98 price target.

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The company has a one-year high of $88.08 and a one-year low of $51.31. Currently, NetApp has an average volume of 2.58M.

Based on the recent corporate insider activity of 73 insiders, corporate insider sentiment is negative on the stock.

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NetApp, Inc. engages in the design, manufacture, marketing, and technical support of storage and data management solutions. It offers cloud data services, data storage software, data backup and recovery, all-flash storage, converged systems, data infrastructure management, ONTAP data security, and hybrid flash storage.

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