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Fly News Breaks for August 16, 2018
NTAP
Aug 16, 2018 | 07:00 EDT
BMO Capital analyst Tim Long raised his price target on NetApp to $90 and kept his Outperform rating after its Q1 results, saying that the earnings beat was driven by the unanticipated $60M in Enterprise License Agreement profits. The analyst notes that while the profits excluding the ELAs were in-line, these deals are still positive, representing "strategic contracts with large customers". Long further states that NetApp's all-flash array solutions remained impressive with a 50% growth rate, while its Software and Hardware maintenance and services segments returned to growth.
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