NetApp Analysts Increase Their Forecasts After Upbeat Earnings
Portfolio Pulse from Avi Kapoor
NetApp, Inc. (NASDAQ:NTAP) exceeded third-quarter financial expectations, posting adjusted earnings of $1.94 per share against estimates of $1.69 and sales of $1.61 billion versus expected $1.591 billion. CEO George Kurian highlighted record profitability and a modern approach to data storage as key drivers. Fourth-quarter earnings are projected between $1.73 to $1.83 per share, with net revenues expected to be between $1.585 billion to $1.735 billion. Following the report, NetApp shares rose 1.2%, and analysts from Barclays, Evercore ISI Group, and TD Cowen raised their price targets for NTAP.
March 01, 2024 | 1:12 pm
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NetApp reported higher-than-expected Q3 earnings and sales, with shares increasing 1.2% and analysts raising price targets.
NetApp's better-than-expected earnings and sales for Q3, along with positive future projections and increased price targets from analysts, indicate a strong short-term bullish sentiment for NTAP shares. The company's record profitability and strategic focus on modern data storage solutions contribute to its positive outlook, likely influencing investor confidence and stock performance.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100