NetApp price target lowered to $88 from $89 at Northland

Northland lowered the firm’s price target on NetApp to $88 from $89 and keeps an Outperform rating on the shares following July-end quarter results that came in “modestly above guidance” despite PCS ARR that was “well below expectations.” FY24 guidance was reiterated as the rest of the business is expected to pick up slack for the “disappointing PCS ARR,” but the firm is trimming its target to reflect change in the PCS business that is likely further below long-term expectations.