NetApp stock upgrade points to further upside in data infrastructure
NetApp's rally in 2026 is extending as bullish analyst sentiment builds around demand tied to AI and hyperscaler data center spending. Evercore ISI now argues the storage company's core business and larger production AI deployments could support additional gains even without a major contribution from newer products.
Highlights
- Evercore ISI upgraded NetApp to outperform from in line and raised its price target to $300 from $210, implying 31% upside.
- NetApp shares have surged 113% year to date in 2026, fueled by hyperscaler data center buildouts and expansion into public cloud and support services.
- Evercore predicts strong storage sector demand and AI-driven workloads will enable NetApp and peers to sustain double-digit revenue CAGR.
Evercore raises rating and price target
As reported by CNBC, Evercore ISI upgraded NetApp to outperform from in line and raised its price target to $300 from $210, implying 31% upside from Tuesday's close.In a note to clients on Wednesday, analyst Amit Daryanani said NetApp has a path to further upside without needing a significant contribution from products that are only beginning to ramp. He said the near-term opportunity comes from continued strength in the core business and larger production AI deployments, which could lead to a less pronounced slowdown than current expectations suggest.
NetApp shares have surged 113% year to date in 2026 as the company benefits from momentum in hyperscalers' ongoing data center buildouts. Evercore also said the company is expanding beyond enterprise data center offerings by growing its product, support and public cloud businesses for other customers.
Storage demand outlook supports broader sector gains
Daryanani said strong demand across the storage industry should support further value creation for NetApp. He wrote that the sector is positioned to accelerate, with the potential to sustain double-digit revenue compound annual growth, driven by AI making existing data more valuable and creating new GPU-connected, on-premises workloads.That view differs from broader Wall Street positioning on the stock. Among 22 analysts covering NetApp, eight rate the shares buy or strong buy, while 14 maintain hold ratings, according to LSEG data.
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