NetApp upgraded to Buy from Hold at Stifel

Stifel upgraded NetApp to Buy from Hold with an unchanged price target of $75 after meeting with management. NetApp pointed to several company-specific initiatives and catalysts that should help boost margins and earnings in coming quarters, regardless of how the macro environment plays out, the analyst tells investors in a research note. The firm came away from the meetings more confident in its fiscal 2024 earnings per share estimate of $5.49, which reflects a soft first half of the fiscal year but a return to sales and earnings growth in the second half. With 19% upside to the price target Stifel upgraded the shares.