Cloud Stock Rises on Analyst Upgrade

The firm sees plenty of tailwinds for the stock

Laura McCandless

Deputy Editor

Apr 10, 2023 at 10:59 AM

NTAP

Cloud stock NetApp Inc (NASDAQ:NTAP) is up 3.4% at $65.11 at last glance, and earlier hit $65.75, after an upgrade from Stifel to "buy" from "hold." The firm cited several "potential positive catalysts," including workforce reduction, sales reorganization, lower component costs, and QLC-based, lower-cost flash arrays (the highest capacity of flash storage available).

Trading at its highest level in a month, NTAP is up 8.6% year-to-date. The $60 level provided support for the security's most recent pullback, though its 150-day moving average is capping today's gains.

Of the 24 analysts in coverage, 15 still carry a 'hold" or worse rating on NetApp stock. The 12-month consensus price target of $71.63 represents a 10% premium to current levels.

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