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Upgrade Alert for NetApp (NTAP)

By Amy Schwartz

NetApp (NASDAQ:NTAP) was upgraded from Neutral to Overweight at Piper Jaffray today. The stock closed yesterday at $42.34 on volume of 3.3 million shares, below average daily volume of 3.7 million.

NetApp (NASDAQ:NTAP) has potential upside of 4.0% based on a current price of $42.34 and analysts' consensus price target of $44.05. The stock should find initial support at its 50-day moving average (MA) of $41.39 and further support at its 200-day MA of $40.11.

NetApp, Inc. provides storage and data management solutions. The Company's storage solutions include specialized hardware, software, and services that provide storage management for open network environments. NetApp serves enterprises, government agencies, and universities worldwide.

In the past 52 weeks, shares of NetApp have traded between a low of $32.75 and a high of $45.96 and closed yesterday at $42.34, which is 29% above that low price. The 200-day and 50-day moving averages have moved 0.52% higher and 0.54% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of NetApp on November 13th, 2013 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $40.53. Since that recommendation, shares of NetApp have risen 4.5%. We continue to monitor NTAP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades NetApp

Ticker(s): NTAP