Argus analyst Jim Kelleher downgraded NetApp to Hold from Buy, saying the company may not be able to grow its earnings in FY20 due to the recent decline in its product sales, with particularly weak trends seen in the Americas home market. The analyst adds that NetApp has focused on its all-flash arrays in recent years, but its most recent quarter saw the annualized run rate for all-flash product sales declining 4% year-over-year. Kelleher further notes that NetApp's reliance on flash has "cannibalized its legacy disk-based business", with the company also facing the challenging process of replacing its CFO.