Saturday, February 13, 2010

NetApp Remains on Firm Footing; Lifting Estimates Again

We are again lifting our estimates for Neutral-rated NetApp. New F3Q10 revenue and
non-GAAP EPS estimates are $964M/$0.41, versus $958M/$0.40. Street consensus is
$953M/$0.38. Inputs from our research contacts suggest that the month of January
exhibited one of the firmer order periods in recent years. We believe NetApp will be a
primary beneficiary of 1) IT spending increases in 2010 and 2) a boost in networked
storage investments driven by server virtualization. We maintain our Neutral rating on
NetApp with a positive stance.


Net App (jp morgan research)

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