Credit Suisse downgrades NetApp after second straight disappointment

Credit Suisse analyst Shannon Cross downgraded NetApp to Neutral from Outperform with a price target of $70, down from $83, following what the firm calls "second consecutive quarter of disappointing results." Total revenue was down 5% year-over-year, which was 6% below the firm’s forecast and 5% below the Street view, and the firm thinks it will be "a few quarters" before NetApp returns to growth. Credit Suisse expects to be more constructive on the stock once NetApp successfully realigns its go-to-market, improves execution in public cloud and recaptures share in all flash, the analyst tells investors.