NetApp Climbs After Analyst Upgrades Stock
SAN FRANCISCO (AP) ¿ Shares of NetApp Inc. rose Monday after an RBC Capital Markets analyst upgraded the data storage company's stock to "Outperform," saying checks indicate its revenue in the current quarter is higher than expected.
NetApp shares gained 98 cents, or 3.8 percent, to $26.87 in afternoon trading.
In a client note, RBC analyst Amit Daryanani raised his rating for the stock from "Sector Perform" and increased his price target to $33 from $26.
Daryanani said that better-than-expected revenue should mean that the company can beat estimates for the October quarter, which is its fiscal 2010 second quarter, and give guidance for a better-than-expected fiscal third quarter, too.
Analysts polled by Thomson Reuters expect $861.8 million in revenue for the current quarter, on average, and $893.7 million for the next. Daryanani also said that the company may benefit from the impact of foreign exchange. "We view NTAP as an attractive way for mid/large cap investors to play the anticipated IT spending recovery in (the second half of 2009)," he said. The analyst added that he expects the company to "exude a positive business tone" during its analyst day in New York on Oct. 8.Select the service that is right for you!
COMPARE ALL SERVICESAction Alerts PLUS
TRY IT FREEJim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
Product Features:
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Dividend Stock Advisor
TRY IT FREENew! $49.95/yr
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Product Features:
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Stocks Under $10
TRY IT FREEDavid Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
Product Features:
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
- Weekly roundups
Real Money
TRY IT FREE24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
Product Features:
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
Real Money Pro
TRY IT FREEAll of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
Product Features:
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Options Profits
TRY IT FREEOur options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
Product Features:
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV
