NetApp price target raised to $121 from $115 at BofA

BofA raised the firm’s price target on NetApp (NTAP) to $121 from $115 and keeps an Underperform rating on the shares following a fiscal Q2 beat and FY25 guidance raise. While this quarter exceeded expectations, the firm remains concerned on the weak macro and on the sustainability of product gross margins as SSD pre-buys are worked down and sees risk to the momentum in All Flash and to overall gross margins, the analyst tells investors.