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- Morgan Stanley Analyst Meta Marshall downgraded his industry view on telecommunications and networking equipment to Cautious from In-Line as corporate data points weakened and the dollar strengthened.
- Given their backlog, Marshall saw equipment and storage companies “sound good” on the first quarter earnings call.
- Marshall saw signs of weakness building up, especially a more cautious hardware blitz and, most notably, reseller checks pointing to softer pipelines in the second half.
- Marshall demoted NetApp Inc. (NASDAQ: NTAP) with a price target of $91 (up 18%), citing a tough near-term setup.
- Marshall demoted F5 inc. (NASDAQ: FFIV) at Equal Weight with a price target of $250 (up 10.5%), dropping it as a top pick.
- she downgraded Hewlett Packard Enterprise Co. (NYSE: HPE) to underweight with a price target of $15 (down 5.2%).
- While HP Enterprise’s current valuation is “not difficult”, it has seen the stock underperform over the next 12 months given a combination of weak CIO data, value reseller comments added, 60% of revenue from servers/storage and enterprise. European focus.
- It also cut price targets for several others in the space.
- Price action: HPE shares traded down 1.21% to $15.62 when last checked on Tuesday.
Latest reviews for NTAP
| Date | Solidify | Stock | Since | For |
|---|---|---|---|---|
| March 2022 | Barclays | Updates | Equal weight | Overweight |
| February 2022 | Wells Fargo | Maintains | Equal weight | |
| February 2022 | German Bank | Maintains | Hold |
View more analyst notes for NTAP
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