Fly News Breaks for May 17, 2019
May 17, 2019 | 06:13 EDT
Piper Jaffray analyst Andrew Nowinski lowered his price target for NetApp to $81 from $90 to reflect his reduced growth assumptions. The analyst now expects revenue growth of 3.2% in fiscal 2020 and 4.8% in fiscal 2021. Nowinski notes that results for NetApp declined in his firm's April reseller survey with only 15% of resellers "above plan." This marked the second consecutive quarter that results have declined and also marked the lowest level since Q1 of 2016, Nowinski tells investors in a research note. The analyst, however, reiterates an Overweight rating on NetApp shares.
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