NetApp up as JPM raises to 'overweight' on improving IT budgets for AI-led growth

NetApp

16/12/2024 11:28

** Data storage firm NetApp's  NTAP.O  shares up 2.3% at $124.76
premarket
    ** Brokerage J.P.Morgan upgrades company's shares to
"overweight" from "neutral" and hikes PT to $160 from $150,
which represents an upside of ~31% to stock's last close
    ** Brokerage expects acceleration in NTAP's revenue growth
driven by improving IT budgets for datacenters and storage
infrastructure, as enterprises prepare to leverage AI
applications
    ** Average rating of 23 brokerages covering the stock is
"hold", median PT $138 - LSEG
    ** As of close, stock up ~38% this year

(Reporting by Jaspreet Singh in Bengaluru)
((Jaspreet.Singh@thomsonreuters.com; https://twitter.com/i_jass))