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Citi Turns Bullish On This Software Company With Double Upgrade

October 14, 2021 12:42 pm
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Citi Turns Bullish On This Software Company With Double Upgrade
  • Citi analyst Jim Suva double upgraded NetApp Inc (NASDAQ:NTAPto Buy from Sell with a $120 price target, implying a 30% upside. 
  • The company is in the "early innings of a successful transition to cloud storage with multi-cloud usage just emerging," Suva notes. 
  • The analyst's channel checks show that NetApp "is literally doing everything right." 
  • He thinks solid execution will drive a return to sustainable sales growth for the company. 
  • Suva believes the company is well-positioned by adopting modern application architectures like Kubernetes and software-defined storage around the cloud.
  • Price Action: NTAP shares traded higher by 2.47% at $92.47 on the last check Thursday.

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UPDATE: Raymond James On NetApp Outperform Upgrade: Healthy Balance Sheet, Free Cash Flow, And Safe Dividends All Drivers Firm Believes Will Drive Double-Digit Cloud Growth, Mid-Single Digit Overall Revenue Growth.

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