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Fly News Breaks for August 20, 2015
NTAP
Aug 20, 2015 | 06:51 EDT
Piper Jaffray analyst Andrew Nowinski says NetApp's better than expected Q1 results were aided by an additional week in the quarter, a 3% headcount reduction and higher than expected share repurchases. Product revenue declined 27% year-over-year in the quarter, Nowinski points out. The analyst remains cautious on product growth despite management's expectations for a rebound in Q2. He raised his price target for NetApp to $31 from $30 and reiterates a Neutral rating on the name.
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