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Technology Stocks : Network Appliance

NTAP 107.32

+4.0%

Nov 21 9:30 AM EST

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To: Miguel Octavio who started this subject	11/5/2001 1:17:41 PM
From: dstange	Read Replies (1) of 10934

Full JP Morgan comments: Network Appliance (NTAP/$15/Buy) mkt cap $5.2B Bill Lewis (1-415) 371-4046 NTAP clicking on all cylinders, raising price target and reiterating top pick bill.a.lewis@jpmorgan.com * We are raising our price target to $20 (based on a multiple of 8x our CY02 sales estimate) and reiterating NTAP as our US Analysts' Focus List pick * In our view, the shares are still attractively priced, we expect a strong earnings call next week (NTAP should meet or beat our 2FQ02 estimate of $190M/$0.00), and upside exists to our forward estimates * We expect solid guidance for the January quarter with revenue flat to up sequentially. Our CY01 estimates are $811.2M/$0.03, and our CY02 estimates are admittedly conservative at $862.5M/$0.08 * NTAP faring better than peers thanks to: diversification into new vertical markets; a stronger mid-range market as many purchases are incremental rather than architectural; a cost structure less affected by pricing pressure * Network Appliance has used this economic downturn to gain market share, and we believe it will grow at least twice as fast as its peers despite the economic challenges. My comments: "we believe it will grow at least twice as fast as its peers despite the economic challenges" sounds pretty nice!

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