As previously reported, Oppenheimer analyst Param Singh initiated coverage of NetApp (NTAP) with a Perform rating. The firm notes the company is a leading provider of data storage solutions, with the ability to continue gaining share in All-Flash-Arrays from competitors such as Dell (DELL) and HP Enterprise (HPE). However, it is facing some near-term growth challenges in the current environment, particularly within the US Public Sector and in EMEA, Oppenheimer adds. In addition, growth in Public Cloud has just started to recover, and the firm would like to see another quarter or two of continued high-teens growth before getting more positive. As the company works to re-accelerate its top line, Oppenheimer believes it will take multiple quarters to return to mid-single-digit growth, keeping the firm sidelined for now.
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