NetApp climbs after Q1 beat on AI demand, lifts annual forecast

NetApp

03/09/2026 17:58

** Shares of data storage company NetApp NTAP.O rose 2.5% to $185.30
** NTAP raised FY27 adj. EPS outlook in the range of $9.73 - $10.03, from prior forecast of $8.7 - $9
** Also raised FY27 revenue forecast between $7.975 bln - $8.225 bln, up from prior forecast of $7.33 bln - $7.58 bln
** Co posts Q1 adjusted EPS of $2.58, beating analyst est. of $2.12; revenue of $2.03 bln, above est. of $1.84 bln - data compiled by LSEG  
** Upbeat results driven by customer adoption for AI and hybrid multi-cloud initiatives- CEO George Kurian
** Eight of 22 brokerages rate the stock "buy" or higher and 14 "hold"; median PT is $191- LSEG data
** Including session's move, stock up 72.9% YTD

 (Reporting by Anand Gopal in Bengaluru)
 ((AnandGopal.R@thomsonreuters.com))