NetApp downgraded to Market Perform from Outperform at Raymond James

Raymond James analyst Simon Leopold downgraded NetApp to Market Perform from Outperform without a price target. The firm believes product margin has peaked, and among data center equipment categories, Storage sounds slower than servers and networking, the analyst tells investors in a research note. NetApp has has positioned itself for AI opportunities, and Raymond James expects an enterprise initiatives ramp in 2025, the firm adds.