As previously reported, BofA upgraded NetApp (NTAP) to Neutral from Underperform with a price target of $128, up from $121. The firm sees opportunity for an increasing total addressable market driven by AI and demand for public cloud and stable gross margins in the 71-72% range after strong margin growth in FY24, the analyst tells investors. While trends are improving, the firm still sees limited upside to consensus estimates, the analyst added.
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