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Fly News Breaks for February 14, 2019
NTAP
Feb 14, 2019 | 09:08 EDT
BMO Capital analyst Tim Long lowered his price target on NetApp to $80 after its lower than expected Q3 revenues and disappointing Q4 guidance, reflecting more "cautionary spending from large, global customers in January." The analyst also keeps his Outperform rating, calling the quarter a "bump in the macro road" and the company's long term investment story "on track". Long says he is "encouraged by NetApp's ability to expand margin despite macro weakness", and believes that its free cash flow yield should provide a floor for the shares.
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