Core Viewpoint - The article discusses potential investment opportunities in NTAP, indicating a possible long position within the next 72 hours [1]. Group 1 - The author has no current stock or derivative positions in the companies mentioned but may initiate a beneficial long position in NTAP [1]. - The article expresses the author's personal opinions and is not receiving compensation for it, aside from Seeking Alpha [1]. - There is an emphasis on the importance of conducting due diligence and research prior to any investment decisions [2]. Group 2 - The article clarifies that past performance is not indicative of future results and does not provide specific investment recommendations [3]. - It highlights that the views expressed may not reflect those of Seeking Alpha as a whole, indicating a diversity of opinions among analysts [3]. - The article notes that analysts may include both professional and individual investors who may not be licensed or certified [3].

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In the current market session, NetApp Inc. (NASDAQ:NTAP) price is at $97.36, after a 1.05% increase. However, over the past month, the stock decreased by 8.68%, and in the past year, by 19.81%. Shareholders might be interested in knowing whether the stock is undervalued, even if the company is performing up to par in the current session. NetApp P/E Compared to CompetitorsNetApp has a lower P/E than the aggregate P/E of 35.69 of the Technology Hardware, Storage & Peripherals industry. Ideally, one might beli ...

Company Performance - NetApp's stock closed at $98.33, down 1.01%, underperforming the S&P 500's loss of 0.13% on the same day [1] - Over the past month, NetApp's stock has decreased by 7.25%, contrasting with the Computer and Technology sector's gain of 1.88% and the S&P 500's gain of 0.78% [1] Upcoming Earnings - NetApp is expected to report an EPS of $2.07, reflecting an increase of 8.38% from the same quarter last year [2] - Revenue is anticipated to reach $1.7 billion, indicating a 3.32% increase compared to the previous year [2] Fiscal Year Estimates - For the entire fiscal year, earnings are projected at $7.88 per share, representing an 8.69% increase year-over-year [3] - Revenue estimates for the fiscal year stand at $6.76 billion, showing a 2.89% rise from the prior year [3] Analyst Estimates - Recent changes to analyst estimates for NetApp are crucial as they reflect the evolving business landscape [4] - Upward revisions in estimates indicate analysts' positive outlook on the company's operations and profit generation capabilities [4] Zacks Rank and Valuation - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), currently rates NetApp at 3 (Hold) [6] - NetApp's Forward P/E ratio is 12.61, which is a discount compared to the industry average Forward P/E of 23.29 [6] PEG Ratio - NetApp has a PEG ratio of 1.77, aligning with the industry average PEG ratio of 1.77 [7] Industry Overview - The Computer-Storage Devices industry is part of the Computer and Technology sector and holds a Zacks Industry Rank of 24, placing it in the top 10% of over 250 industries [8] - Research indicates that industries in the top 50% outperform those in the bottom half by a factor of 2 to 1 [8]

Group 1 - Major US hardware tech companies experienced significant stock sell-offs, with NetApp down over 9%, HP down nearly 3%, Dell down nearly 5%, and Logitech down about 4.5% [1] - Morgan Stanley downgraded the hardware tech sector rating, citing economic uncertainty and rising component costs leading to reduced hardware spending and slowing industry demand [1] - Morgan Stanley's report predicts that global enterprise hardware budgets will grow by only 1% year-on-year by 2026, marking the weakest growth in nearly 15 years, excluding the COVID-19 pandemic period [1] Group 2 - A survey indicated that 30% to 60% of customers might reduce their planned purchases of PCs, servers, and storage devices if component inflation persists [1] - The International Workplace Group's report shows that 95% of CEOs are optimistic about market performance in 2026, but all respondents prioritize cost control as a core focus [2] - Companies are reducing their 2026 budgets by an average of 10%, with many leaders adopting AI technologies and flexible work arrangements to enhance operational efficiency [2] Group 3 - IDC forecasts that global PC shipments could decline by up to 9% in 2026, with a moderate scenario predicting a 5% decrease [2] - The current industry landscape is expected to concentrate market share among leading manufacturers like Dell, HP, Lenovo, and Asus, which have better risk management capabilities compared to smaller firms [2] - Despite some growth support from AI-driven demand, uncertainties from US tariff policies add to the concerns surrounding the hardware tech sector [3]

本文字数：1122，阅读时长大约2分钟 作者 | 第一财经 钱童心 1月20日美股收盘，硬件科技公司遭大幅抛售，股价大跌，NetApp股价下跌超过9%，惠普（HP）股 价下跌近3%，戴尔股价下跌近5%，罗技公司股价下跌约4.5%。 此前，投行摩根士丹利下调硬件科技行业的评级，并警告称由于企业在经济不确定性和零部件成本上 升的情况下削减支出，需求正在放缓。 "企业正在缩减硬件支出计划，加剧了人们对投入成本上升和供应瓶颈的担忧。"摩根士丹利报告 称，"需求放缓、投入成本通胀和估值过高正在形成一场'完美风暴'，促使我们在2026年之前采取更 加防御性的策略。" 2026.01. 21 摩根士丹利表示："更高的成本和弹性需求意味着2026年盈利预期下调的风险更大。" 此外，券商还警告称，虽然人工智能驱动的需求一直是硬件制造商的利好因素，但美国总统特朗普的 关税政策给该行业带来了不确定性。 花旗集团分析师周一表示，硬件公司和分销商面临企业需求波动、内存成本上升以及2026年个人电 脑出货量下降的局面。 行业研究数据也显示，AI正以超出预期的方式重塑消费级硬件市场。随着超大规模企业对存储器的 需求激增，产能正从消费级设备 ...

需求放缓、投入成本通胀和估值过高正在形成一场"完美风暴"。 另据摩根士丹利对经销商进行的另一项调查，如果与零部件通胀相关的价格上涨持续下去，30%至60%的客户可能会减少计划购 买的个人电脑、服务器和存储设备。 1月20日美股收盘，硬件科技公司遭大幅抛售，股价大跌，NetApp股价下跌超过9%，惠普（HP）股价下跌近3%，戴尔股价下跌 近5%，罗技公司股价下跌约4.5%。 此前，投行摩根士丹利下调硬件科技行业的评级，并警告称由于企业在经济不确定性和零部件成本上升的情况下削减支出，需求 正在放缓。 "企业正在缩减硬件支出计划，加剧了人们对投入成本上升和供应瓶颈的担忧。"摩根士丹利报告称，"需求放缓、投入成本通胀和 估值过高正在形成一场'完美风暴'，促使我们在2026年之前采取更加防御性的策略。" 摩根士丹利的最新调查显示，2026年行业在硬件科技预算方面的投入预计仅同比增长1%，这是近15年来除新冠疫情时期之外最弱 的增长数据。 根据全球最大的办公平台International Workplace Group （IWG）集团最新的2026年《企业高层展望报告》，在经历了以经济波动 和谨慎决策的一年后，95%的首 ...

Core Viewpoint - The IT hardware sector in the US stock market experienced a decline due to Morgan Stanley's downgrade of the industry rating, citing a slowdown in corporate demand and rising component costs, which may lead companies to significantly cut their spending budgets [1][4]. Group 1: Company Ratings and Stock Performance - Morgan Stanley downgraded Logitech and NetApp from "Neutral" to "Underweight," resulting in stock price drops of 6.2% and approximately 3.8%, respectively [1][4]. - CDW's rating was lowered from "Overweight" to "Neutral," leading to a 2.1% decline in its stock price [2][5]. - Dell Technologies, HP, and HPE also saw stock declines ranging from 2% to 3% [3][6]. Group 2: Industry Outlook and Economic Indicators - Morgan Stanley's analysts indicated that multiple factors, including demand slowdown, rising input costs, and high valuations, are creating a "perfect storm," prompting a more defensive investment strategy for 2026 [3][6]. - The North American IT hardware industry's rating was downgraded from "In Line with the Market" to "Cautious," with indications that corporate technology leaders are beginning to reduce hardware spending plans, which is a new warning signal [3][6]. - According to Morgan Stanley's latest survey, the expected year-on-year growth in hardware budgets for 2026 is only 1%, marking the lowest growth rate in about 15 years, excluding the COVID-19 pandemic period [3][6]. - The survey also revealed that due to rising component costs leading to product price increases, value-added distributors expect 30% to 60% of customers to cut their spending plans on PCs, servers, and storage devices [3][6]. Group 3: Profitability Risks - Morgan Stanley noted that rising costs combined with changes in demand elasticity will significantly increase the risk of downward revisions in corporate profit expectations for 2026 [4][7].

Group 1: Stock Market Movements - Logitech (LOGI), NetApp (NTAP), and CDW (CDW) saw declines of 6%, 4%, and 2% respectively after Morgan Stanley downgraded all three, citing a "perfect storm" for IT hardware due to the slowest corporate spending in 15 years outside of COVID-19 [4] - The downgrade was influenced by a 4Q CIO survey indicating softer demand, with resellers expecting 30%-60% of customers to cut budgets for PCs, servers, and storage amid rising component prices [4][5] - The hardware down-cycle is expected to last three to five quarters, with CDW downgraded to Equal-Weight (PT $141), Logitech to Underweight (PT $89), and NetApp to Underweight (PT $89) [5] Group 2: NYSE Developments - The New York Stock Exchange (NYSE) is developing a platform for 24/7 trading of tokenized U.S.-listed equities and ETFs using blockchain technology [5][6] - This platform aims to enable instant settlement, dollar-sized orders, and stablecoin-based funding, although the launch date has not been disclosed [6] - The initiative is part of Intercontinental Exchange's (ICE) broader digital strategy, which includes enhancing clearing infrastructure for 24/7 trading and supporting tokenized deposits [7][8] Group 3: Tesla and EV Market - Tesla (TSLA) is expected to benefit from Canada's decision to reduce tariffs on Chinese-made electric vehicles (EVs) from 100% to 6.1%, allowing 49,000 EVs to be imported annually [9][10] - The EV quota may increase to 70,000 within five years, with half reserved for vehicles priced under C$35,000 ($25,192), which does not include Tesla's models [11] - Tesla's largest plant in Shanghai is already equipped to produce a Canada-specific version of its Model Y, which was previously shipped to Canada before the tariff imposition [10]

Core Insights - NetApp Inc. has faced a challenging period with an 11.3% decline in stock over the past three months, underperforming the broader Computer and Technology sector and the Computer Storage Devices Industry [1][8] Price Performance - NTAP closed at $105.39, down 17.5% from its 52-week high of $127.78, raising questions about whether this decline presents an opportunity or indicates deeper business issues [4] Causes of Price Decline - The recent underperformance is attributed to macroeconomic caution and company-specific challenges, including an uncertain global outlook and softness in the U.S. Public Sector [5] - Deferred storage cycles and infrastructure refreshes due to worsening macro conditions could lead to top-line erosion, compounded by increasing competition from companies like Pure Storage [6] Key Growth Catalysts - The all-flash array business is a significant growth driver, with demand for modern all-flash arrays increasing, particularly for the C-series and ASA products [9] - At the end of Q2 fiscal 2026, 46% of systems in the installed base were all-flash, with All-Flash Array revenues rising 9% year over year to $1 billion [10] - Keystone storage-as-a-service offering saw a 76% year-over-year revenue growth, contributing to a 13.8% increase in Professional Services revenues [11] - Public Cloud segment revenues improved 2% to $171 million, with first-party and marketplace storage services growing 32% [12][13] AI and Long-Term Growth - NetApp is focused on capturing a larger share of the AI market, closing approximately 200 AI infrastructure and data-modernization deals in Q2 [14] - The launch of AFX and AI Data Engine enhances enterprise-grade AI capabilities, indicating strong integration into the evolving AI stack [15] Financial Performance - In the last reported quarter, revenues were $1.71 billion, a 3% year-over-year increase, with non-GAAP operating income rising 12% to $530 million [16] - The company ended the quarter with $3 billion in cash and cash equivalents, providing flexibility for growth strategies [17] Shareholder Returns - NTAP returned $353 million to shareholders through dividends and share repurchases in Q2, with a dividend of 52 cents per share announced for January 2026 [18] Valuation - NetApp's forward 12-month price-to-earnings ratio is 12.52X, below the industry average of 20.86X [19]