NetApp (NASDAQ:NTAP) stock received mixed reactions from Wall Street analysts following its better-than-expected second-quarter results yesterday. Since the release, four analysts have rated NTAP stock as a Buy, eight have given it a Hold, and one analyst has assigned a Sell rating.
NetApp is a multinational hybrid cloud data services and data management company offering storage and cloud management solutions.
Five-star analyst Mehdi Hosseini of Susquehanna remains bullish on the stock. The analyst believes the company’s resilience in a challenging environment is due to its innovative and cost-effective (All Flash Arrays) AFA products, which are driving market share gains. Another analyst from TD Cowen, Kris Sankar, raised the firm’s price target to $100 from $90 and kept a Buy rating on the stock.
Among the neutral analysts, Citi analyst Asiya Merchant cited concerns over declining deferred revenues and billings. Additionally, the analyst remained on the sidelines because service terminations are predicted to have an adverse effect of $55 million on the company’s annual recurring revenue.
Is NetApp a Good Stock to Buy?
Wall Street analysts are sidelined on NetApp stock. It has a Hold consensus rating based on four Buys, 10 Holds, and one Sell. Meanwhile, the average price target of $88 implies 1.7% downside potential. The stock has gained 51.7% year-to-date.
