NetApp (NASDAQ: NTAP) Price Target Raised to $260 Following Robust Q1 Results and AI Initiatives

Font: Financial Modeling Prep  • Oct 02, 2026

• Analyst price target for NetApp (NASDAQ: NTAP) raised to $260 from $215, indicating strong confidence in its future stock performance.
• NetApp reported robust fiscal 2027 Q1 results with revenue of $2.03 billion and non-GAAP earnings of $2.58 per share, significantly exceeding estimates.
• The company is expanding its AI infrastructure solutions with Novus storage architecture and AI Data Engine upgrades, addressing critical data management challenges for AI projects.

NetApp (NASDAQ: NTAP), a leader in data storage systems and software for businesses, manages information across their own servers and the cloud computing environment. It competes with companies such as Dell Technologies and Pure Storage. Loop Capital Markets analyst Ananda Baruah raises his price target for NetApp to $260 from $215.

NetApp stock trades at $226.27 when the new analyst price target is announced. That puts the target $33.73, or about 14.9%, above the current share price. A price target is an analyst’s estimate of where a stock could trade, not a guaranteed return.

The higher target follows strong fiscal 2027 first-quarter results, showcasing robust financial performance. NetApp reports revenue of $2.03 billion, up 29.9% and above the $1.84 billion estimate. Non-GAAP earnings reach $2.58 per share, up 66.5% from a year earlier and 21.1% above the $2.13 estimate. Non-GAAP earnings exclude certain accounting costs.

Customer spending on AI infrastructure and technology upgrades, earlier purchases, and higher prices support these impressive results. Billings, a key measure of sales invoiced to customers, rise 36.1% to about $2.06 billion. NetApp stock gains about 16% in the month after the report and outperforms the S&P 500, as highlighted by Zacks Investment Research, demonstrating strong stock market performance.

NetApp also announces its Novus storage architecture and AI Data Engine upgrades to help businesses manage data for AI projects. CEO George Kurian notes that scattered data and infrastructure limits make it harder to move those projects into regular use. NetApp highlights that 93% of organizations report at least one data challenge that holds back their AI plans.