As previously reported, BofA/Merrill analyst Wamsi Mohan downgraded NetApp (NTAP) to Neutral with a price target of $60 after its negative pre-announcement with a "sharp" reduction in its Q1 and FY20 expectations. The analyst cites the company's view of a slowdown of IT spending at large accounts and sales execution issues, adding that after benefiting from selling All-Flash-Arrays into its installed base, NetApp is now facing "incremental pressure as the refresh cycle matures." Mohan further warns that NetApp's market will become more competitive in the coming quarters as Dell-EMC (EMC) launches a new midrange product.