NetApp (NTAP) Received its Third Buy in a Row

By Austin Angelo

After J.P. Morgan and Merrill Lynch gave NetApp (NASDAQ: NTAP) a Buy rating last month, the company received another Buy, this time from Maxim Group. Analyst Nehal Chokshi reiterated a Buy rating on NetApp today and set a price target of $89. The company’s shares closed yesterday at $67.35.

Chokshi noted:

“January quarter impacted by US government shutdown and global businesses with exposure to China. April quarter and initial FY20 guidance reflect management’s confidence that NTAP remains well-positioned for mid-single digit y/y growth, in our view. Reiterating Buy rating & 12-month price target of $89 due to differentiated hybrid cloud story.”

According to TipRanks.com, Chokshi is a 5-star analyst with an average return of 12.9% and a 63.2% success rate. Chokshi covers the Consumer Goods sector, focusing on stocks such as Hewlett Packard Enterprise, Super Micro Computer, and Palo Alto Networks.

NetApp has an analyst consensus of Moderate Buy, with a price target consensus of $80.36, which is a 19.3% upside from current levels. In a report issued on February 11, Merrill Lynch also reiterated a Buy rating on the stock with a $90 price target.

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The company has a one-year high of $88.08 and a one-year low of $52. Currently, NetApp has an average volume of 3.41M.

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NetApp, Inc. engages in the design, manufacture, marketing, and technical support of storage and data management solutions. It offers cloud data services, data storage software, data backup and recovery, all-flash storage, converged systems, data infrastructure management, ONTAP data security, and hybrid flash storage.