BofA lowered the firm’s price target on NetApp (NTAP) to $115 from $129 and keeps a Neutral rating on the shares. The firm sees a “meaningful headwind” to gross margins from component cost increases, especially in NAND and DRAM, the analyst tells investors. A near-term headwind from component cost increases and a weak macro backdrop are offset by long-term mix shift to flash and public cloud revenue, the analyst added.
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