These Analysts Increase Their Forecasts On NetApp After Strong Earnings
Portfolio Pulse from Lisa Levin
NetApp (NASDAQ:NTAP) exceeded Q2 earnings expectations with an adjusted EPS of $1.58, surpassing the estimate of $1.39. Revenue was $1.56 billion, above the forecasted $1.53 billion. The company provided strong FY24 EPS guidance of $6.05 to $6.25, compared to the expected $5.73. Following the earnings report, NetApp's stock rose 11.4% in pre-market trading. Analysts at Barclays, Wells Fargo, and Raymond James have subsequently increased their price targets for NetApp.
November 29, 2023 | 12:54 pm
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NetApp reported strong Q2 earnings and positive FY24 EPS guidance, leading to a pre-market stock price surge and increased price targets from analysts.
NetApp's better-than-expected earnings and revenue, along with strong future guidance, are significant positive indicators for the company's financial health. This has resulted in a pre-market stock price increase and analyst upgrades, which are likely to positively influence the stock price in the short term.
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