NetApp Analysts Boost Their Forecasts After Upbeat Earnings

Core Insights - NetApp, Inc. reported better-than-expected earnings for its first quarter, with earnings of $1.56 per share, surpassing the analyst consensus estimate of $1.45 per share [1] - The company achieved quarterly sales of $1.541 billion, exceeding the analyst consensus estimate of $1.526 billion [1] - For the second quarter, NetApp anticipates adjusted earnings between $1.73 and $1.83 per share, with net revenues projected between $1.565 billion and $1.715 billion [1] Company Performance - The CEO of NetApp, George Kurian, highlighted strong revenue growth and record operating margin and EPS for the first quarter, attributing these results to effective execution in a challenging macroeconomic environment [2] - Kurian expressed confidence in the company's ability to leverage momentum, explore new market opportunities, and enhance stakeholder value [2] - Despite the positive earnings report, NetApp shares fell 8% to $121.40 following the announcement [2] Analyst Reactions - B of A Securities analyst Wamsi Mohan maintained an Underperform rating and raised the price target from $105 to $110 [3] - UBS analyst David Vogt maintained a Neutral rating and increased the price target from $121 to $134 [3] - Barclays analyst Tim Long kept an Equal-Weight rating and raised the price target from $116 to $119 [3] - JP Morgan analyst Samik Chatterjee maintained a Neutral rating and slightly increased the price target from $146 to $147 [3] - Stifel analyst Matthew Sheerin maintained a Buy rating and boosted the price target from $138 to $140 [3]