NetApp, the Technology sector company, was revisited by a Wall Street analyst yesterday. Analyst David Vogt from UBS maintained a Hold rating on the stock and has a $114.00 price target.
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David Vogt’s rating is based on the introduction of NetApp’s new enterprise-grade storage solutions aimed at the AI market, which could potentially expand the company’s total addressable market in the long term. However, the competitive nature of the market and the early stage of enterprise AI adoption suggest that significant financial benefits from these offerings may not materialize until after fiscal 2026.
Additionally, while NetApp’s entry into the disaggregated storage market aligns with industry trends and offers scalability and cost benefits, it faces competition from established players like Pure Storage, HPE, Dell, and VAST Data. The valuation remains unchanged with a price target of $114, reflecting a multiple in line with the company’s historical average, suggesting that the current stock price fairly reflects its near-term prospects.
NTAP’s price has also changed dramatically for the past six months – from $83.280 to $120.550, which is a 44.75% increase.