NetApp downgraded to Market Perform from Outperform at William Blair

William Blair analyst Jason Ader downgraded NetApp to Market Perform from Outperform without a price target. The company’s cloud thesis is not playing out, the analyst tells investors in a research note. The firm is questioning NetApp’s ability to execute in the cloud space, successfully integrate key acquisitions, and expand its cloud storage portfolio beyond a relatively narrow set of use-cases. These questions put into doubt the company’s ability to sustain high-single-digit revenue growth, contends William Blair.