BofA raises target for NetApp stock from USD 200 to USD 220

Published on 10/01/2026 at 14:37 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

NetApp reported USD 2.03 billion revenue, up 30.00 percent in fiscal first quarter 2027. For NetApp stock, fiscal 2027 guidance is USD 7.975-8.225 billion.

Moderner Serverraum mit Technikern zwischen beleuchteten Rechnerschränken in Rechenzentrum — Fotorealistisches Rechenzentrum symbolisiert NetApp Inc., ISIN US64120B1098, führend in Datenspeicherung und Cloud-Infrastruktur weltweit, Illustration mit AI erstellt.

Bank of America raised its NetApp stock price target from USD 200.00 to USD 220.00 on September 30, 2026, while maintaining a Neutral rating, according to Markets Insider. The revision followed NetApp's 2026 INSIGHT event and reflects a higher assumed multiple for the artificial intelligence opportunity.

Target rises as AI opportunity expands

The new USD 220.00 target is USD 20.00 above BofA's previous USD 200.00 target. The bank's reasoning centers on a larger addressable market as NetApp develops storage and data infrastructure products for AI workloads.

That assessment arrives after a sharp improvement in operating performance. In its fiscal first quarter of 2027, ended July 31, 2026, NetApp reported USD 2.03 billion in revenue, up 30.00 percent from USD 1.56 billion in the prior-year quarter, according to NetApp. GAAP diluted earnings per share reached USD 1.88, compared with USD 1.15 a year earlier.

Revenue growth supports higher guidance

NetApp also raised its full fiscal 2027 outlook in the September 2, 2026 release. Revenue guidance is USD 7.975 billion to USD 8.225 billion, while non-GAAP earnings per share guidance is USD 9.73 to USD 10.03.

The first-quarter mix adds detail to the growth story. Hybrid Cloud revenue reached USD 1.82 billion, up 30.00 percent year over year, while Public Cloud revenue rose 28.00 percent to USD 206.00 million. All-flash revenue climbed 47.00 percent to USD 1.31 billion, making that category a key operating indicator for the AI infrastructure thesis.

Valuation leaves less room for execution errors

NetApp's fiscal first-quarter GAAP operating margin was 23.90 percent, compared with 19.80 percent in the prior-year quarter. Non-GAAP operating margin was 31.90 percent, up from 25.70 percent, but operating cash flow fell to USD 503.00 million from USD 673.00 million.

As of October 1, 2026, NetApp had a USD 41.2 billion market capitalization. Its primary listing is Nasdaq under ticker NTAP, and the 52-week range was USD 93.69 to USD 216.81. The contrast between faster revenue growth and lower operating cash flow gives investors two separate measures for judging whether the AI expansion is converting into durable cash generation.

Analyst target and investor dates

NetApp's next cash dividend is USD 0.52 per share, payable October 28, 2026, to shareholders of record on October 9, 2026, according to NetApp. The payout provides a separate calendar marker while the market weighs BofA's higher target against the company's cash-flow trend.