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Fly News Breaks for May 23, 2019
NTAP
May 23, 2019 | 08:22 EDT
Maxim analyst Nehal Chokshi lowered his price target on NetApp to $86 after its Q4 earnings miss and below-consensus Q1 outlook. The analyst notes that weak renewals were an even bigger factor than weak product revenue, while the guidance for Q1 implies flattish product revenue in the current quarter. Chokshi is keeping his Buy rating on NetApp however, stating that its "record deferred revenue" and accelerating annual recurring revenue suggest that the company's underlying business remains "strong."
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