Citi analyst Asiya Merchant lowered NetApp, Inc.'s (NTAP) price target to $110 from $125 due to broader valuation adjustments in the hardware and storage sector. Despite this, NetApp reported 3% year-over-year revenue growth in Q2, driven by AI infrastructure deals, 76% growth in Keystone storage-as-a-service, and 18% growth in public cloud revenue, highlighting a strategic shift towards high-growth segments.
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NetApp, Inc. (NTAP) Target Lowered to $110 Amid Hardware Valuation Shift
Citi analyst Asiya Merchant lowered NetApp, Inc.'s (NTAP) price target to $110 from $125 due to broader valuation adjustments in the hardware and storage sector. Despite this, NetApp reported 3% year-over-year revenue growth in Q2, driven by AI infrastructure deals, 76% growth in Keystone storage-as-a-service, and 18% growth in public cloud revenue, highlighting a strategic shift towards high-growth segments.