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First Albany Maintains Network Appliance At Neutral

First Albany maintains Network Appliance (NTAP) neutral.

Analyst Joel Wagonfeld says the company posted another high-growth quarter with in-line earnings per share, but its near-term outlook was a bit below consensus estimate, more importantly, investor expectations.

He says although he expects stock to take breather after its recent run, he thinks its valuation already discounts high expectations. With shares at about 46 times his 75 cents calendar year 2005 earnings per share estimate and 44 times his 79 cents fiscal 2006 estimate, he sees little room for error and/or upside.

He maintains 17 cents fourth-quarter earnings per share estimate, which is at the top end of guidance but in line with consensus. He also maintains 79 cents fiscal 2006 earnings per share estimate.

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