NetApp price target raised to $100 from $85 at Wedbush

Wedbush analyst Matt Bryson raised the firm’s price target on NetApp to $100 from $85 and keeps a Neutral rating on the shares.NetApp again delivered a beat and raise and quarter, and while a portion of the upside was attributable to management’s typical conservatism in providing guidance, Wedbush highlights the magnitude of the upside in all-flash array sales, the resulting gross margin beat tied to the beneficial shift in mix, and management’s more constructive product gross margin outlook, the analyst tells investors in a research note. The firm is starting to see a more interesting story emerging over the intermediate term where a combination of share gains and improving end markets create better growth and margin opportunities than previously expected.