NetApp: shares edge down, despite upgrade.

(CercleFinance.com) - Shares of data storage equipment maker NetApp are down 1.
9% at 40.2 dollars on the Nasdaq today despite the stock being upgraded from "sell" to "neutral" at UBS.

The brokerage firm - which has a target price of 40 dollars for the stock - says its "sell" rating was based on the perception of a declining franchise, a view that is not working anymore since the company has successful turnaround, resulting in renewed revenue growth and improved margins.

In a research note, UBS adds that the shares' low valuation also supports the stock.

This morning investors seemed to be taking profits on the stock, after its 3.5% rise yesterday, as Credit Suisse upgraded its rating to "neutral" and raised its target price to 37 dollars following a "solid set" of quarterly results that were published on Wednesday.

The shares have risen by over 1.5% this week.

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