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

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Citi analyst Asiya Merchant has reduced NetApp, Inc.'s price target to $110 from $125, while maintaining a Neutral rating, due to broader valuation adjustments in the hardware and storage sector. Despite this, NetApp reported 3% year-over-year revenue growth in Q2, with strong performance in AI infrastructure, consumption-based offerings, and hybrid cloud services. The company’s strategic pivot towards higher-growth segments aims to support recurring revenue and margin resilience.

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