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What Investors Can Expect from NetApp in Fiscal 1Q18

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What Investors Can Expect from NetApp in Fiscal 1Q18 PART 2 OF 6

How Wall Street Analysts View NetApp in August 2017

Analysts’ recommendations

Of the 31 analysts covering storage technology (QQQ) company NetApp (NTAP), eight gave it a “buy” recommendation, three recommended a “sell,” and 20 recommended a “hold.” The analyst stock price target for the company is $42.61, with a median target estimate of $43.00. NetApp is trading at a discount of 4.2% to median analyst estimates.

Peer storage companies such as IBM (IBM), Western Digital (WDC), and Seagate (STX) are trading at discounts of 9%, 48%, and 10.4%, respectively, to median analyst estimates.

How Wall Street Analysts View NetApp in August 2017

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Analyst upgrades in the last two months

NetApp beat analyst revenue estimates in fiscal 4Q17 by 2% and the EPS (earnings per share) estimate by almost 5% in fiscal 4Q17. Shortly after NetApp announced its fiscal 4Q17 earnings, FBN Securities analyst Shebly Seyrafi upgraded the stock from “sector-perform” to “outperform” and revised the company’s stock price target from $45 to $50.

Kulbinder Garcha of Credit Suisse upgraded NetApp to “neutral” from “underperform” and raised the stock price target from $35 to $37. Drexel Hamilton’s Brian White lowered NetApp’s 12-month price target from $62 to $60 and maintained a “buy” rating on the stock. Pacific Crest analysts expect NetApp to reach $40 by June 2018 and gave it a “sector weight” rating.

In July 2017, Goldman Sachs (GS) analyst Simon Jankowski upgraded NetApp and added the stock to the “conviction buy” list, driven by NetApp’s improving market share in the storage space and rising profit margins.

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