Aug. 12 at 10:23 PM
Goldman Sachs maintains a Buy rating on NetApp and raised its 12-month price target to
$210 from
$200. NetApp gained 86% between April 1 and Aug. 7, significantly outperforming the S&P 500’s 18%, fueled by investor enthusiasm around enterprise infrastructure spending.
Goldman expects fiscal Q1 2027 EPS of
$2.12, slightly above the midpoint of guidance, with revenue of
$1.81 billion. The firm raised its fiscal 2027-2029 revenue and EPS estimates by an average of 5% and 4%, respectively, driven by expectations for higher average selling prices for storage products.
Key risks include supply shortages, structural declines in on-premise storage demand, increased competition and global macroeconomic weakness. NetApp recently beat consensus estimates for fiscal Q4 revenue and earnings, prompting price-target increases from firms including Argus and Barclays. The company also announced the acquisition of AI data infrastructure firm DataPelago.
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