NetApp stock price target cut to $45 from $61 at Goldman Sachs

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NetApp stock rises on better-than-feared results

NetApp Inc. shares rose in the extended session Wednesday after the data-storage company reported a better-than-feared outlook and earnings. NetApp shares rose 4% after hours, following a 4.9% drop in the regular session to close at $44.71. The company reported fiscal first-quarter net income of $103 million, or 42 cents a share, compared with $283 million, or $1.05 a share, in the year-ago period. Adjusted earnings were 65 cents a share. Revenue declined to $1.24 billion from $1.47 billion in the year-ago quarter. NetApp warned about its results at the beginning of August, issuing a profit warning of 55 cents to 60 cents a share. Analysts surveyed by FactSet had forecast earnings of 62 cents a share on revenue of $1.25 billion, and 78 cents a share on revenue of $1.36 billion before the warning. NetApp expects earnings of 91 cents to 99 cents a share on revenue of $1.33 billion to $1.48 billion, while analysts had forecast 90 cents a share on revenue of $1.37 billion.

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