NetApp soars to highest since 2000 after strong results, forecast

NetApp

01/03/2024 17:15

** Shares of NetApp  NTAP.O  surges 23% to $109.60, highest
since Nov 2000, after the cloud services provider reported
quarterly results that beat analyst expectations
    ** Stock rises as high as $112.48 and tracking biggest daily
pct gain since Aug. 2002
    ** After the closing bell on Thurs, NTAP reported Q3 adj EPS
of $1.94 that beat the avg analyst estimate of $1.69 while
revenue of $1.61 billion topped the avg estimate of $1.59
billion, per LSEG data
    ** Co also lifted full-yr 2024 adj EPS forecast to
$6.40-$6.50 from prior range of $6.05-$6.25
    ** At least 10 analysts, including from JPMorgan, Wells
Fargo and Morgan Stanley, raised their price target for NTAP
following the results
    ** Median PT of 20 analysts covering NTAP is $98, up from
$89 a month ago, and their avg recommendation is "hold", per
LSEG data
    ** With today's move, NTAP up ~25% YTD after rising ~47% in
2023

 (Reporting by Chibuike Oguh in New York)
 ((Chibuike.Oguh@thomsonreuters.com; +332-219-1834; Reuters
Messaging: chibuike.oguh.thomsonreuters.com@reuters.net))