NetApp price target raised to $110 from $105 at BofA

BofA raised the firm’s price target on NetApp to $110 from $105 and keeps an Underperform rating on the shares after Q1 results came in better-than-expected and the company raised FY25 guidance. The firm raised its FY25 EPS forecast to $7.02 from $6.91, but keeps an Underperform rating as it sees potential macro and rising memory prices as risk to estimates, while acknowledging that “margins are indeed holding up better than our prior forecast.”