NetApp (NTAP) PT Raised to $63 at BMO Capital

BMO Capital raised its price target on NetApp (NASDAQ: NTAP) to $63.00 (from $62.00) while maintaining a Outperform rating.

Analyst Tim Long commented, "NetApp continues to execute, driven by strength of its All-Flash business, which is now on a $2B run rate, up 50% y/y. Although NetApp reported in-line results and mixed guidance, we expect some investors may have been disappointed by the lack of firm plans for the $4B-plus of repatriated overseas cash. We expect to receive additional color on capital return and other factors, such as tax rate, at the April 5 analyst day, which may prove our estimate of a 25% increase in the buyback rate to be conservative."

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