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First Albany Raises Network Appliance Estimate

First Albany raised its estimate on Network Appliance (NTAP) and maintains its neutral opinion on the shares.

Analyst Joel Wagonfeld says the company held an upbeat analyst day yesterday that focused on its ability to continue to drive sustainable growth. He notes the company focused on its increased market opportunities, resulting in progress in diversifying its customer base, expanding its go-to-market strategies, and innovating into new segments.

He raises his fiscal 2006 (ending April) estimates to 79 cents earnings per share on $2.1 billion revenue, from 76 cents earnings per share on $2.0 billion in revenue, based on company's raised fiscal 2006 guidance of 76 cents to 80 cents earnings per share on 32% to 35% revenue growth (implying $2.09 billion to $2.16 billion). He sees 61 cents fiscal 2005 earnings per share on $1.6 billion in revenue.

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