NetApp price target lowered to $120 from $128 at BofA

BofA lowered the firm’s price target on NetApp (NTAP) to $120 from $128 and keeps a Neutral rating on the shares. Fiscal Q3 was impacted by mis-execution and several large seven and eight-figure deals that management had expected to close in the quarter that took longer to get through, the analyst tells investors. The “silver lining” is that the pushouts were not driven by competition and management has identified the problem and has already closed many of the larger deals that pushed out into fiscal Q4, the analyst added. While the quarter and guidance came in below the firm’s expectations, the firm views NetApp as poised for better growth in FY26.