NTAP’s Chart Projects 17% Returns for Traders Who Buy Now

by Sam Collins | June 14, 2013 1:21 am

NetApp (NTAP[1]) — This company provides enterprise storage and data management software globally. Its fabric-attached storage (FAS) offers storage for various platforms including cloud environments.

The company has an impressive record of earnings growth, robust revenue growth and expanding profit margins. Since I first recommended NTAP on May 7[2], S&P upgraded the stock to a “buy” from “hold.” They increased their fiscal year (FY) 2014 (ending in April) operating EPS by $0.11 to $2.65, and look for $3.12 in FY 2015 and $3.46 in FY 2016. Their target price is $46.

On May 16, the stock broke from a bullish cup-and-handle formation through resistance at $36-$37, which provides a trading target of $45. Long-term investors could see much higher prices.

06 14 13 ntap 300x188 NTAP's Chart Projects 17% Returns for Traders Who Buy Now
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chart key 300x84 NTAP's Chart Projects 17% Returns for Traders Who Buy Now[3]

Endnotes:
  1. NTAP: http://studio-5.financialcontent.com/investplace/quote?Symbol=NTAP
  2. on May 7: http://investorplace.com/2013/05/trade-of-the-day-netapp-nasdaq-ntap/
  3. [Image]: http://investorplace.com/wp-content/uploads/2013/05/chart-key.gif

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