Market Report -- Short Stories (NTAP)
November 11, 2009 9:31 AM ET
NetApp: Wedbush sees upside to Street's Q3 ests; firm thinks DELL should buy NTAP . Wedbush notes NetApp will report its Oct. qtr results on Nov 18 and estimate that it can show some upside to the current Street at $880 mln/$0.30. EMC reported strong results for the recent qtr and firm expects the same from NetApp. Similar to what was reported by CSCO, checks indicate that N. America has picked up quite well, with Federal and Financial Services as the strongest verticals. Firm notes new CEO will keep investors happy by being focused on keeping operating margins close to 16%. Dell should buy NetApp, in Wedbush's opinion. Storage is adjacent to servers and is an easy sell for Dell. Dell is desperate for margins and storage systems have higher margins than servers and PCs. Dell's acquisition of EqualLogic has been very successful, both in terms of revenue ramp as well as margin contribution.
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