EMC rises, NetApp slips in Goldman Sachs storage rankings
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RESEARCH TRIANGLE PARK, N.C. – Storage technology rivals EMC (NYSE: EMC) and NetApp (Nasdaq: NTAP) were boosted and cut respectively in new stock ratings Friday by Goldman Sachs.
EMC and NetApp both have substantial operations in the RTP region.
EMC replaced NetApp on the firm’s Americas “Buy List.
In a client note, Goldman analyst David Bailey said NetApp is still likely to benefit from improving demand for information technology. But the company's stock had risen 37 percent since it was put on the "Buy" list Sept. 20 and Thursday's close. He cut the company to "Neutral."
NetApp shares fell 62 cents, or 1.8 percent, to $33.21 in afternoon trading, while EMC rose 36 cents, or 2.1 percent, to $17.22.
Bailey said NetApp, which is based in Sunnyvale, Calif., and EMC, based in Hopkinton, Mass., should both see "an outsized benefit" from pent up demand for IT hardware, but EMC's operating margin is likely to expand faster.
He sees the trend driven by higher revenue, cost cutting and a better mix of products.
Copyright 2012 WRAL Tech Wire. All rights reserved.
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