NetApp upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley analyst Meta Marshall upgraded NetApp to Equal Weight from Underweight with a price target of $74, up from $60. The stock has already priced in where we are in the cycle as estimates are unlikely to be revised down at this point, the analyst tells investors in a research note. The firm, however, sees more attractive valuations elsewhere in its coverage on an earnings growth basis given scale of cloud business. It would need to see evidence of meaningful cloud reacceleration for NetApp to get more positive on the shares.