These Analysts Increase Their Forecasts On NetApp After Strong Earnings

NetApp NTAP reported better-than-expected second-quarter financial results and issued strong FY24 EPS guidance.

NetApp posted adjusted earnings of $1.58 per share, beating market estimates of $1.39 per share. The company’s quarterly sales came in at $1.56 billion versus expectations of $1.53 billion, according to Benzinga Pro.

NetApp said it sees FY24 EPS of $6.05 to $6.25, versus estimates of $5.73.

NetApp shares gained 11.4% to $87.01 in pre-market trading.

These analysts made changes to their price targets on NetApp following earnings announcement.

• Barclays increased the price target on NetApp from $69 to $80. Barclays analyst Tim Long maintained an Equal-Weight rating.
• Wells Fargo boosted the price target on NetApp from $72 to $86. Wells Fargo analyst Aaron Rakers maintained an Equal-Weight rating.
• Raymond James raised the price target on NetApp from $80 to $83. Raymond James analyst Simon Leopold maintained an Outperform rating.

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