Data Storage In Play Ahead of October Earnings
With important earnings reports later this month, investors are moving to the data storage and electronic archiving sector.
Ahead of the bell this morning NetApp (NTAP), the second-largest U.S.-listed data storage play, traded higher on upgrades following its decision to resume issuing guidance. The company forecast EPS between 29 and 30 cents in the fiscal second-quarter, and between 35 and 36 cents in the third.
According to coverage by the Associated Press, Jeffiries analyst William Choi said, “NetApp is benefitting from improving demand trends in storage,” and complimented the company’s new CEO Tom Georgens for his “focused strategy.” NetApp received an upgrade to Buy at ThinkEquity and a pair of price target boosts to $31 from analysts Needham and Wedbush.
It will be interesting to track the sector heading into earnings season, which will be picking up speed in two weeks. Seagate Technology (STX) will report its numbers on October 19. Imation (IMN) will report on the 20th, followed by EMC (EMC), Isilon Systems (ISLN), and Western Digital (WDC) on the 22nd.
As of this writing, the Data Storage Stocks Index is one of the 50 worst-performing tickerspy Indexes, trading flat as the broader markets tick higher.
|Home | Find | Research | Track | Register | My Account | Logout||Web site design by LightMix|
|© 2009 Indie research Corp. All rights reserved.|