NetApp to buy flash storage maker SolidFire for $870 million
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Raymond James Maintains Market Perform on NetApp (NTAP) Following Announced SolidFire Acquisition
December 22, 2015 8:57 AM ESTRaymond James reiterated a Market Perform rating on NetApp (NASDAQ: NTAP), following the company's announced acquisition of SolidFire for $870 million in cash. For FY17, management expects minimal revenue contribution and $0.25 to $0.30 of EPS dilution, but expects SolidFire to add 2% to its long-term revenue growth rate.
Analyst Brian Alexander commented, "Today after market close NetApp announced its acquisition of SolidFire for $870 million in cash. Management expects the deal to close in... More
Susquehanna Cuts Price Target on NetApp (NTAP) Following Announced SolidFire Acquisition
December 22, 2015 7:11 AM ESTSusquehanna maintained a Neutral rating on NetApp (NASDAQ: NTAP), and cut the price target to $31.00 (from $32.00), following the company's announced acquisition of SolidFire. Susquehanna sees the acquisition to be an intriguing addition to NTAP's existing portfolio. However, given that NTAP already possesses two other All-Flash Array (AFA) products, the AFF and EF-Series, the company plans to utilize SolidFire as yet another tier of AFA systems, not as a replacement of AFF and... More
