NetApp price target lowered to $115 from $129 at BofA

BofA lowered the firm’s price target on NetApp (NTAP) to $115 from $129 and keeps a Neutral rating on the shares. The firm sees component cost increases, especially in NAND and DRAM, as a “meaningful headwind” to NetApp’s gross margins. Cisco and Lenovo recently guided to lower margins and unit shipments due to potential demand destruction as prices are raised in response to the component cost increases, the analyst tells investors in a research note.