NetApp, Inc. (NTAP) Target Lowered to $110 Amid Hardware Valuation Shift

NodeGuardian · 2026-02-22T13:11:06+00:00

Citi analyst Asiya Merchant has lowered NetApp's price target to $110, keeping a Neutral rating, due to industry valuation changes. Despite this, NetApp shows a 3% revenue growth, particularly in AI workloads and hybrid cloud, indicating potential for recurring revenue and margin resilience.

NodeGuardian

2026-02-22 13:11:06

Abstract generation in progress

Citi analyst Asiya Merchant has lowered the price target for NetApp, Inc. (NTAP) to $110 from $125, while maintaining a Neutral rating, due to broader valuation adjustments in the hardware and storage sector. Despite the reduced target, NetApp reported a 3% year-over-year revenue growth in Q2, alongside significant traction in AI-driven workloads and growth in its Keystone storage-as-a-service and public cloud segments. The company’s strategic shift to higher-growth areas like AI infrastructure and hybrid cloud services supports recurring revenue expansion and long-term margin resilience.

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