BofA raised the firm’s price target on NetApp (NTAP) to $121 from $115 and keeps an Underperform rating on the shares following a fiscal Q2 beat and FY25 guidance raise. While this quarter exceeded expectations, the firm remains concerned on the weak macro and on the sustainability of product gross margins as SSD pre-buys are worked down and sees risk to the momentum in All Flash and to overall gross margins, the analyst tells investors.
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Read More on NTAP:
- NetApp price target raised to $132 from $127 at Morgan Stanley
- NetApp price target raised to $135 from $130 at Citi
- NetApp price target raised to $132 from $119 at Barclays
- NetApp Inc Sees Strong Financial Growth in Q2 FY2025
- Closing Bell Movers: Gap jumps 15% after Q3 earnings beat, guidance raise
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