Robertson Stephens Reiterates Buy Rating, Raises Estimates on NTAP:
Friday February 11, 10:17 am Eastern Time
Company Press Release
Robertson Stephens Reiterates Buy
Rating, Raises Estimates on NTAP
SAN FRANCISCO--(BUSINESS WIRE)--Feb. 11,
2000--Robertson Stephens Network Storage Analyst Dane Lewis today reiterated his Buy rating and raised estimates on Network Appliance (NASDAQ:NTAP - news).
The company, based in Santa Clara, Calif., is a leading vendor of dedicated file serving and caching solutions for enterprises and web-based companies.
''We are reiterating our Buy rating on Network Appliance, as we believe the company is the best-positioned network attached storage (NAS) vendor in the industry,'' said Lewis. ''We view NTAP's specific strength in the high growth Internet and eCommerce infrastructure markets as an indicator of both dramatic NAS market growth and NTAP's continued dominance in this segment.''
''Beyond the obvious product advantages, we increasingly see evidence of NTAP's success in the build out of infrastructure to support the new economy,'' said Lewis. ''Specifically, NTAP sales to Internet and eCommerce companies have jumped more than 40 percent sequentially in each of the past three quarters. We also note that NTAP supplies nine of the top ten ISPs worldwide and has a growing presence at ASPs.''
''Going forward, we are raising our earnings-per-share estimates, based on our growing confidence in the growth of the NAS appliance market and NTAP's industry-leading market position,'' said Lewis. ''Our 2000 and 2001 earnings-per-share estimates increase to $0.40 and
$0.58, from $0.39 and $0.54, respectively.''
[snip--the rest is on Robertson Stephens]
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