NetApp, Inc. (NTAP) came out with worse than expected earnings last night which is causing the stock to hit a new 52 week low this morning. NetApp, Inc. (NTAP) is currently trading at $36.50 which is around $2 less than the old 52 week low of $38. NetApp, Inc. (NTAP) will have resistance located at $38 today with support located at $36.66.
Adding to the bearish news, RBC Capital is lowering their price target to $50 per share. I feel NTAP is a buy below $32 if you have a long term time horizon. If the stock market remains weak, we could easily see that price hit.
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