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Fly News Breaks for October 10, 2019
NTAP
Oct 10, 2019 | 05:27 EDT
Goldman Sachs analyst Rod Hall double downgraded NetApp to Sell from Buy with a price target of $45, down from $61. The company's guidance is optimistic in an environment where large enterprise spending appears to be deteriorating further, Hall tells investors in a research note. NetApp's fiscal 2020 revenue guidance implies a recovery in core product revenue growth despite the slowdown in July, says the analyst, who notes that his firm's analysis suggests large enterprise spending is likely to continue to decline in the midst of ongoing trade and economic uncertainty. Hall believes NetApp's fundamentals are likely to continue to weaken and his revised target price implies 12% downside.
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