NetApp downgraded to Hold from Buy at Stifel

Stifel analyst Matthew Sheerin downgraded NetApp to Hold from Buy with a price target of $50, down from $55. The shares closed Friday up $1.89 to $44.90. The analyst sees “clear indicators” from IT distributors, resellers, and event management system providers that public and private enterprises have paused major IT infrastructure spend amid the ongoing pandemic. Given the lack of visibility into the seocnd half of 2020 and the absence of major catalysts, shares of NetApp are likely to be range-bound, Sheerin tells investors in a research note.