NetApp volatility elevated into Q4 NetApp May weekly call option implied volatility is at 53, June is at 34, September is at 27; compared to its 26-week average of 28 according to Track Data, suggesting large near term price movement into the expected release of Q4 results on May 21.
NetApp upgraded to Buy on takeout potential at Summit Research Summit Research upgraded NetApp to Buy from Hold on potential takeout potential. The firm said NetApp's business remains sluggish and that the company will have no choice but to find a buyer now that EMC (EMC) has been considering a merger with other leading OEMS. Summit Research believes NetApp integration would be easier for an acquirer given most of its revenue is derived from ONTAP software and notes shares trade at relative discount to the group. Price target raised to $55 from $34.