NetApp price target raised to $117 from $115 at Morgan Stanley

Morgan Stanley analyst Erik Woodring raised the firm’s price target on NetApp (NTAP) to $117 from $115 and keeps an Equal Weight rating on the shares. NetApp’s July quarter results were “not as robust as peers,” including Pure Storage (PSTG), but “under the hood results were effectively in-line,” the analyst tells investors. Pure Storage is “clearly outperforming” NetApp, but that is what the firm’s checks indicated, so “it doesn’t really come as a surprise to us” and the firm doesn’t believe results were “as bad as the post-move suggests” with the shares getting punished in the aftermarket hours.