NetApp price target lowered to $73 from $75 at JPMorgan

JPMorgan lowered the firm’s price target on NetApp to $73 from $75 and keeps a Neutral rating on the shares following the fiscal Q3 results. NetApp’s outlook for storage demand turned worse as the company blamed the combination of tough macro driving higher budget scrutiny from enterprise customers, in combination with market share headwinds from ceding the entry-level storage market, the analyst tells investors in a research note. The firm finds it is tough to separate the macro impact from the execution impact.