NetApp upgraded to Buy at Argus after record-high margins in Q3

As previously reported, Argus analyst Jim Kelleher upgraded NetApp to Buy from Hold with a $130 price target. The company’s Q3 results topped expectations as revenue rose year-over-year for the first time in five quarters, while its gross and operating margins saw all-time highs, the analyst tells investors in a research note. After a challenging finish to FY23 with a double-digit revenue decline in the second half of the year, NetApp continues to experience accelerating momentum across FY24, the firm added.