NetApp Stock Sinks on Guidance Cut. It’s a Buying Opportunity, Says This Analyst.

NetApp

stock was tumbling Wednesday after the data-sharing software company cut its guidance on macro and currency headwinds. A Citi analyst said the stock’s pullback was what “investors were looking for.”

NetApp

(ticker: NTAP) now expects revenue to grow between 2% to 4% for the fiscal year. The company previously expected revenue to grow between 6% to 8%. NetApp also expects adjusted earnings in the range of $5.30 to $5.50 a share for the year, down from prior guidance of $5.40 to $5.60.