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|  | FEBRUARY 14, 2005
 WORD ON THE STREET Friedman Billings Upgrades Network Appliance Analyst Clay Sumner says demand for the network storage data devicemaker's products will increase in the next three quarters Friedman Billings upgrades Network Appliance (NTAP ) to outperform from market perform. Analyst Clay Sumner says his upgrade is based not on upcoming third-quarter results, but on two other principal factors. First, his industry checks and surveys, which indicate that demand for the company's primary products should increase over next three quarters. Secondly, his belief that Hewlett Packard's mid-range storage competitive position is likely to weaken through at least in the April and July quarters. As noted earlier, he expects third-quarter results to be generally in-line. Therefore, with no significant outperformance in the third quarter, his upgrade is based on a view of improving prospects for fiscal 2006 (ending April).  All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report. Standard & Poor's Regulatory Disclosure Any advice, analysis, or recommendations contained in articles labeled "Insight from Standard & Poor's" reflect the views of Standard & Poor's, which operates separately from and independently of BusinessWeek Online. It is possible that BWOL may from time to time publish information that is not consistent with advice, analysis, or recommendations that are published by Standard & Poor's. Standard & Poor's and BusinessWeek Online are each units of The McGraw-Hill Companies, Inc.
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