NetApp, Inc.
NTAP · NASDAQ
Analyst ratings
hold · 12 ratings
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| June 1, 2026 | Argus Research | Maintains | Buy | $200.00 |
| May 29, 2026 | Barclays | Maintains | Overweight | $199.00 |
| May 29, 2026 | JP Morgan | Maintains | Neutral | $150.00 |
| May 29, 2026 | B of A Securities | Maintains | Neutral | $150.00 |
| May 29, 2026 | Citigroup | Maintains | Neutral | $150.00 |
| May 29, 2026 | Wells Fargo | Maintains | Equal-Weight | $180.00 |
| May 29, 2026 | Evercore ISI Group | Maintains | In-Line | $170.00 |
| May 29, 2026 | Susquehanna | Maintains | Neutral | $185.00 |
| May 29, 2026 | Wedbush | Maintains | Neutral | $150.00 |
| May 29, 2026 | Northland Capital Markets | Maintains | Outperform | $171.00 |
| May 29, 2026 | Morgan Stanley | Maintains | Underweight | $137.00 |
| May 20, 2026 | B of A Securities | Maintains | Neutral | $125.00 |
| April 16, 2026 | JP Morgan | Downgrades | Neutral | $110.00 |
| March 2, 2026 | Citigroup | Maintains | Neutral | $114.00 |
| February 27, 2026 | Barclays | Maintains | Overweight | $120.00 |
| February 25, 2026 | Wedbush | Reiterates | Neutral | $115.00 |
| February 19, 2026 | JP Morgan | Maintains | Overweight | $125.00 |
| February 17, 2026 | Citigroup | Maintains | Neutral | $110.00 |
| January 20, 2026 | Morgan Stanley | Downgrades | Underweight | $89.00 |
| November 26, 2025 | Northland Capital Markets | Upgrades | Outperform | $137.00 |
| November 26, 2025 | Barclays | Maintains | Overweight | $134.00 |
| November 26, 2025 | Wells Fargo | Maintains | Equal-Weight | $115.00 |
| November 26, 2025 | UBS | Maintains | Neutral | $120.00 |
| November 26, 2025 | B of A Securities | Maintains | Neutral | $129.00 |
| November 12, 2025 | Citigroup | Maintains | Neutral | $125.00 |
| October 16, 2025 | Citigroup | Maintains | Neutral | $130.00 |
| August 29, 2025 | Argus Research | Reiterates | Buy | $130.00 |
| August 28, 2025 | Northland Capital Markets | Maintains | Market Perform | $120.00 |
| August 28, 2025 | Barclays | Maintains | Overweight | $125.00 |
| August 28, 2025 | UBS | Maintains | Neutral | $114.00 |
| August 25, 2025 | B of A Securities | Maintains | Neutral | $125.00 |
AI infrastructure opportunity vs. competitive market saturation
NetApp's launch of NetApp AFX for NVIDIA DGX and its collaboration with Cisco on converged AI infrastructure meaningfully expand its total addressable market. AI-driven storage demand has already helped the company beat consensus earnings estimates in recent quarters, with analyst Jim Kelleher citing strong profitability trends and potential for 20% free cash flow margins by 2027.
Despite NetApp's strategic moves into AI infrastructure, the market is described as 'fairly competitive,' and UBS analysts caution that long-term growth potential comes amid significant competitive challenges. Product revenue trends do not yet indicate year-over-year stabilization until mid-2026, limiting near-term upside from AI tailwinds.
Earnings growth trajectory and back-half weighting risk
Argus analyst Jim Kelleher projects that most of NetApp's earnings growth for fiscal 2026 will materialize in the latter half of the year, pointing to positive profitability trends. The company has delivered three consecutive quarterly earnings beats and holds an 18.43% net margin, reinforcing confidence in its financial execution.
Susquehanna maintains a neutral rating, noting that quarterly product revenue trends do not yet signal stabilization in year-over-year changes until mid-2026. The concentration of expected earnings growth in the second half of the fiscal year introduces execution risk and leaves the stock vulnerable if that recovery fails to materialize on schedule.
Stock valuation and upside potential relative to peers
Argus analyst Jim Kelleher highlights that NetApp's stock has lagged behind competitors, making its current valuation particularly appealing. Citi raised its price target to $130, and consensus forecasts point to roughly 11% earnings growth in the coming year, suggesting meaningful upside for investors at current levels.
Analyst sentiment leans cautious, with over 50% of analysts assigning hold ratings and an elevated price-to-book ratio of 23.16 signaling premium valuation risk. The average 12-month price target of $120.50 implies only a 1.20% upside from recent prices, and several firms including Morgan Stanley and Evercore ISI see modest downside from current levels.