Needham Raises NetApp (NTAP) Price Target

Needham analysts Glenn Hanus and Patrick O'Brien maintained their Buy rating for shares of NetApp, Inc. (Nasdaq: NTAP), while increasing their estimates for the company's performance and raising the price target from $35 to $39.

Analysts Glenn Hanus and Patrick O'Brien said that, "NTAP sees a compelling opportunity to capitalize on customers (across verticals) beginning to refresh technology - moving toward virtualized datacenter architectures."

The Needham analysts said that revenue strength was broad based and surpassed the company's internal expectations.

The 52 week trading range for NetApp is $12.39 to $34.99.

NetApp closed yesterday at $32.08.