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Fly News Breaks for August 16, 2018
NTAP
Aug 16, 2018 | 08:00 EDT
Deutsche Bank analyst Sherri Scribner raised her price target for NetApp to $60 following the company's above-expectation Q1, telling investors in a research note that while sales beat the Street, it was largely due to enterprise license agreements, and that, excluding the non-recurring ELAs, sales were essentially in line and EPS only beat expectations by about 6c. The analyst continues to believe NetApp's business remains secularly challenged, and views current multiples as unreasonably high. Scribner sees downside risk to the shares at current levels and maintains a Sell rating.
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