Citi ups NetApp target, opens ‘positive catalyst watch’ into analyst day

Citi raised the firm’s price target on NetApp to $120 from $110 and keeps a Neutral rating on the shares. The analyst also opened a “90-day positive catalyst watch” on the shares. The analyst believes the company is well positioned to benefit from improving underlying storage demand trends. At its upcoming analyst day event, NetApp should reiterate its confidence in mid-single-digit revenue growth while maintaining product margins despite higher memory component pricing, the analyst tells investors in a research note. Citi believes the analyst day could be positive for the shares.