NetApp downgraded to Underweight from Neutral at JPMorgan

JPMorgan downgraded NetApp to Underweight from Neutral with a price target of $87, down from $89. In conjunction with its 2024 hardware and networking outlook report, the firm made several rating changes. The analyst expects NetApp to be a relative underperformer to IT hardware makers, which the firm says will benefit more directly from artificial intelligence training and have lower headwinds to navigate compared to storage in relation to rising memory prices.