- Citi analyst Jim Suva double upgraded NetApp Inc NTAP to Buy from Sell with a $120 price target, implying a 30% upside.
- The company is in the "early innings of a successful transition to cloud storage with multi-cloud usage just emerging," Suva notes.
- The analyst's channel checks show that NetApp "is literally doing everything right."
- He thinks solid execution will drive a return to sustainable sales growth for the company.
- Suva believes the company is well-positioned by adopting modern application architectures like Kubernetes and software-defined storage around the cloud.
- Price Action: NTAP shares traded higher by 2.47% at $92.47 on the last check Thursday.
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