NetApp (NTAP) PT Raised to $220 at BofA Securities

BofA Securities analyst Wamsi Mohan raised the price target on NetApp (NASDAQ: NTAP) to $220.00 (from $200.00) while maintaining a Neutral rating.

The analyst comments "We attended NTAP’s 2026 INSIGHT event in Las Vegas with presentations from CEO Kurian, other senior mgmt. and Q&A with CFO Jabre. There was no financial update. CFO Jabre expects TAM expansion from new announcements (Novus TAM $20bn today going to $40bn in 3-years) and expects to provide a l-t update at a later time. The INSIGHT announcements broaden the AI portfolio while introducing NOVUS as the principal new product. Novus separates metadata from the data path, federates ONTAP-based AFF A90 resources under one NFS namespace, and is architected for aggregate throughput above 100 TB/s. AIDE was expanded to discover metadata across ONTAP, StorageGRID, and other. AFX and core AIDE architecture were introduced in Oct 2025, so today’s news is an expansion of the platforms. PO to $220 (prior $200) on 21x (prior 19x) C27E EPS (higher multiple on incremental TAM from AI that can support higher growth)."

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