Shares of NetApp (NASDAQ:NTAP) are up today, which can be attributed to an analyst upgrade. Matthew Sheerin of Stifel changed his rating from Hold to Buy while assigning a price target of $75 per share, which remained unchanged.
Sheerin believes that NetApp is positioned to benefit from recent cost-cutting measures, lower component costs, and a re-organization of its sales team once the demand cycle bottoms out. In addition, the firm may receive a small boost in margins, given the recent decline in NAND prices.
Overall, Wall Street analysts have a consensus price target of $71.60 on NTAP stock, implying over 10% upside potential, as indicated by the graphic above.