NetApp, Inc. (NTAP) has been initiated today with coverage from the research analysts at Brean Murray. Brean Murray begins this new coverage of NetApp with an initial price target set at $60 dollars and rates performance of NTAP as “buy.” Murray had a couple points to note regarding shares of NTAP today which entailed that they believe shares to be at a discount price at this moment while point increments of market share gain could result in 7% to 8% of incremental year to year revenue growth.
NTAP has been trending within a large consolidation channel for months now without real, definitive direction. The current trend is overall bullish as shares have risen from the $44.50 price level that was encountered on March 15th, 2011, but shares have yet to refill the massive bearish gap that was formed on February 17th, 2011. Today’s buy rating from Murray apparently did not hurt shareholders today who have long positions entered.
NetApp is slated to release their next earnings report on August 17th, 2011, and is estimated to post EPS of 55 cents. Their last earnings report was released on May 25th, 2011, and announced EPS of 59 cents with revenue totaling $1.428 billion which was up 21.8% year to year. NTAP is currently trading below its 50 & 200-day moving averages and 2011 is a down year for the company.
NetApp, Inc. is a provider of storage and data management solutions. They offer solutions for storing, managing, protecting and archiving business data. Our solutions are designed to lower the cost of managing and protecting our customers’ data while increasing their agility and competitiveness. The company has market capitalization of $18,548,106,240 and 367,872,000 shares outstanding. NTAP has a 52-week high of $61.02 with the low being $36.66 dollars.
