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Fly News Breaks for April 11, 2019
Apr 11, 2019 | 06:49 EDT
Credit Suisse analyst Matt Cabral initiated NetApp (NTAP) with an Outperform rating and a price target of $89. The analyst cites the company's relative advantage in a "push toward hybrid" with its "cohesive all-flash business and Data Fabric strategy" and expects its market share to grow to 14% from 12%. Cabral also notes NetApp's rebound in product sales as a leading indicator for services, anticipating services revenue growth to accelerate to 2% in FY20 and 5% in FY21 from 1% in FY19. The analyst adds that NetApp has gross margin upside from the higher margins in Product and improved sales mix in Services segments.
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