JPMorgan downgraded NetApp (NTAP) to Neutral from Overweight with a price target of $110, down from $125. The firm cites concerns around “muted” earnings growth for the company in fiscal 2027 for the downgrade. NetApp’s gross margins are at risk of moderating, creating challenges to the valuation multiple in addition to modest downside to sell-side earnings expectations, the analyst tells investors in a research note.
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