NTAP Stock Hits Fresh Record High After Evercore Upgrade: New Products Aren’t Needed For ‘Upside’, Says Analyst

• Evercore said NetApp’s fiscal 2027 growth guidance of about 17% appears conservative because it implies a slowdown to 9% in the second half.
• The firm estimated that NetApp’s fiscal 2027 growth could reach the low-20% range if traditional seasonality holds.
• It also forecast earnings per share reaching about $11 compared with the $10.01 consensus.

NetApp (NTAP) shares rose in midday trade on Wednesday to a fresh record high, bucking a broader market decline after Evercore ISI upgraded the stock, citing that there’s further upside even before its newer products begin contributing to growth in a major way.

The firm increased its rating to ‘Outperform’ from ‘In Line’ and raised its price target to $300 from $210. NetApp has “upside without needing a significant contribution from products that are only beginning to ramp,” the analyst said in a note to investors cited by TheFly.

NTAP stock rallied over 3% to hit a fresh record high of over $236 in intra-day trade, extending gains from its previous session. Evercore’s new target implies more than 27% upside from the all-time high. On Stocktwits, retail sentiment around the firm trended in the ‘bullish’ zone over the past day. 

Evercore Sees Room To Outperform Guidance

The upgrade reflects Evercore’s view that NetApp can deliver stronger growth than its current outlook suggests. The firm stated NetApp’s fiscal 2027 growth guidance of about 17% appears conservative because it implies a sharp slowdown to 9% growth in the second half.

If traditional seasonality holds, the analyst estimates growth could instead reach the low-20% range in fiscal 2027. Evercore also forecasts earnings per share of about $11, compared with the Wall Street consensus of $10.01.

Goldman Sachs, TD Cowen Hike Price Targets

Evercore’s upgrade comes after Goldman Sachs and TD Cowen raised their price target of NTAP stock on Tuesday. 

Goldman raised its target to $240 from $210 and maintained a ‘Buy’ rating after NetApp’s INSIGHT customer event and investor technology session last week. The firm pointed to new products and expanded capabilities aimed at data infrastructure needs among neoclouds, hyperscalers, enterprises and sovereign customers.

Goldman also raised its 2028 and 2029 earnings estimates by 6% and 13%, respectively, citing NetApp’s expanding opportunities with hyperscalers and neoclouds, along with software-first products.

TD Cowen raised its target to $250 from $200 and maintained a Buy rating ahead of earnings. The firm said wafer fabrication equipment spending “remains robust.”

Overall Wall Street Ratings Remain Mixed

Despite the recent target increases, analyst ratings suggest there is still disagreement over NetApp’s valuation and growth prospects.

Koyfin data showed an average 12-month price target of $206.06, implying more than 12% downside from Wednesday’s intraday high of over $236. Of the 20 analysts covering the stock, eight rated it ‘Buy’ or ‘Strong Buy’, while the other 12 recommended ‘Hold’.

NTAP stock has more than doubled this year, surging 121% so far.

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