NetApp price target raised to $120 from $119 at Northland

Northland raised the firm’s price target on NetApp (NTAP) to $120 from $119 and keeps a Market Perform rating on the shares. Results and guidance were in-line to previously set guidance and FY26 revenue and non-GAAP EPS guidance ranges remain unchanged, notes the analyst. While the firm sees potential for NetApp’s developing AI positioning to “become a true overall market share gain driver leading to sustained above market growth rates,” it is concerned AI workload growth will come at the expense of core storage, which it views as a risk for the overall storage industry, the analyst tells investors.