NetApp price target raised to $90 from $85 at Stifel

Stifel raised the firm’s price target on NetApp to $90 from $85 and keeps a Buy rating on the shares. The company’s quarterly sales and adjusted EPS beat the firm’s estimates, with the beat driven by QLC-based product ramps and self-help initiatives, the analyst tells investors. Further, NetApp concluded its strategic review for its cloud business, pruning its portfolio to focus on first-party cloud storage and marketplace offerings, while complementing those with other value-added offerings, the firm adds. While this shift may be a headwind to cloud ARR in the second half of 2024, the firm believes the company’s refined cloud storage strategy should set it up for revenue growth in 2025.