摩根大通：企业存储-第一季度存储前瞻-市场需求前置，提前采购存储

Investment Ratings - Pure Storage Inc (PSTG): Price Target increased from $40.00 to $62.00 [1] - NetApp Inc (NTAP): Price Target increased from $84.00 to $106.00 [1] - Nutanix Inc (NTNX): Price Target increased from $75.00 to $90.00 [1] - Hewlett Packard Enterprise (HPE): Price Target increased from $14.00 to $22.00 [1] Core Insights - The storage market has seen a 10%+ increase since pre-April 2, but there are concerns about overly positive stock leanings heading into earnings reports [1][3] - The report indicates a cautious outlook on storage spending due to budget prioritization and potential macroeconomic air pockets [3][6] - Nutanix is viewed positively due to strong reseller performance and partnerships, while NetApp is seen as weaker due to conservative guidance and market competition [3][6][14] Summary by Company Pure Storage Inc (PSTG) - Strong performance noted among resellers, with expectations for gross margins at 69.6% for FQ1 [12][13] - Any top-line weakness may arise from customers opting for the Evergreen model, which offers operational expenditure benefits [13] - Price Target raised to $62, reflecting a more favorable tariff risk outlook [25] Nutanix Inc (NTNX) - Nutanix is expected to report strong earnings, with positive checks indicating resilience despite mid-market weaknesses [14][15] - The company is positioned well for share gains from VMware transitions and has strong partnerships with Dell and Cisco [17][75] - Price Target increased to $90, aligning with software industry multiples [26] NetApp Inc (NTAP) - NetApp's performance is viewed as weak, with expectations for conservative FY26 guidance due to macroeconomic uncertainties [18][19] - Price Target raised to $106, reflecting a cautious outlook amid competitive pressures [27] Hewlett Packard Enterprise (HPE) - HPE's results are expected to be mixed, with storage business benefiting from server sales but overall performance limited by macroeconomic factors [23][24] - Price Target increased to $22, with a focus on the potential impact of tariffs and ongoing involvement from activist investors [28]