NetApp shares declined on Monday, following a rating downgrade from a Citigroup analyst.
Citigroup analyst Jim Suva lowered his rating on the cloud data services company’s stock to sell from neutral. He also slashed the price target to $55 from $67.
Suva attributed the rating downgrade to rising competition to NetApp from other enterprise storage vendors. He feels that the competition will eat away at the company's margins by the second quarter.
NetApp shares fell more than -3.5% on Monday.