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Fly News Breaks for February 16, 2017
NTAP
Feb 16, 2017 | 07:29 EDT
UBS analyst Steven Milunovich noted NetApp's top-line results were above consensus and grew for the first time in 13 quarters. Gross margins were lower, probably due to discounting. The analyst said the company's demand has been improving, but the discounting points to underlying weakness. Milunovich raised his estimates and his price target to $37 from $32 but maintained his Sell rating on NetApp shares.
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