Shares of NetApp Inc. (Nasdaq: NTAP) are plunging after a series of brokerage downgrades on the data storage company.
The stock is down 10.54 percent as of 10:16 a.m. (EDT).
J.P. Morgan Chase & Co. cut its price target on NetApp to $63 from $65, although it maintained its “overweight” rating on the stock.
In a note to clients, J.P. Morgan wrote: shares of… NetApp stand to come under pressure in the near-term due to mixed results and outlook.”
Also, Piper Jaffray downgraded NetApp to “neutral” from “overweight,” citing that we continue to believe NetApp is the best positioned storage company and will continue to take share, but we have turned more cautious on the stock.
Piper Jaffray also reduced its price target from $63 to $56.
Yesterday, NetApp posted a 60 percent increase in its fiscal third quarter net income, beating Wall Street’s expectations.