NetApp price target raised to $140 from $130 at Argus

Argus raised the firm’s price target on NetApp to $140 from $130 and keeps a Buy rating on the shares. The company’s Q4 earnings were toward the high end of guidance range and ahead of consensus, while its gross and operating margins were also “strong”, reflecting accelerating business momentum, favorable mix, and cost controls from its restructuring program, the analyst tells investors in a research note. NetApp experienced sequential revenue momentum throughout FY24, which is now translating into annual sales growth, and given the signs of accelerating demand momentum in the age of AI and easing macro-economic challenges, the shares appear attractive at current levels, Argus added.