Susquehanna upgrades NetApp on bottoming of product revenue

Susquehanna upgraded NetApp to Positive from Neutral with a price target of $100, up from $62. The company’s quarterly Product revenue has bottomed and is positioned to show quarter-over-quarter improvement with year-over-year growth resumption by mid-2024, driven by increased demand for and share gains in the $18B storage area network market, the analyst tells investors in a research note. The firm believes the recovery in NetApp’s product revenue is expected to gain momentum in 2024.