These Analysts Slash Price Targets On NetApp Following Q2 Results

NetApp, Inc. NTAP posted upbeat earnings LU for its second quarter, while sales missed estimates. The company also issued Q3 and FY23 guidance below analyst estimates.

NetApp said it sees Q3 revenue of $1.525 billion to $1.675 billion, versus estimates of $1.71 billion. It also expects adjusted EPS of $1.25 to $1.35, compared to expectations of $1.44. The company also sees FY23 adjusted EPS of $5.30 to $5.50, down from market estimates of $5.52.

NetApp shares dipped 12% to trade at $63.20 on Wednesday.

These analysts made changes to their price targets on NetApp after the company released quarterly results.

• Barclays cut price target on NetApp from $95 to $83. Barclays analyst Tim Long maintained an Overweight rating on the stock.
• Citigroup slashed NetApp price target from $120 to $110. Citigroup analyst Jim Suva maintained a Buy rating on the stock.
• Raymond James cut the price target on the stock from $105 to $80. Raymond James analyst Simon Leopold maintained the stock with an Outperform.
• Deutsche Bank lowered the price target on the stock from $84 to $78. Deutsche Bank analyst Sidney Ho maintained the stock with a Buy.
• Susquehanna slashed the price target from $75 to $65. Susquehanna analyst Mehdi Hosseini maintained the stock with a Neutral.
• Morgan Stanley cut the price target from $71 to $66. Morgan Stanley analyst Meta Marshall maintained NetApp with an Equal-Weight.
• Wells Fargo lowered the price target on the stock from $85 to $70. Wells Fargo analyst Aaron Rakers maintained NetApp with an Equal-Weight rating.
• UBS cut the price target from $80 to $78. UBS analyst David Vogt maintained the stock with a Neutral.
• Wedbush slashed the price target on the stock from $80 to $70. Wedbush analyst Matt Bryson maintained NetApp with a Neutral.
• Cowen & Co. lowered the price target from $93 to $80. Cowen & Co. analyst Krish Sankar maintained NetApp with an Outperform.
• Northland Capital Markets reduced the price target from $101 to $99. Northland Capital Markets analyst Nehal Chokshi maintained the stock with an Outperform.