NetApp’s Upcoming Q1 Earnings Preview
<p>Deutsche Bank analysts provided their outlook on <a href='https://financialmodelingprep.com/financial-summary/NTAP'>NetApp, Inc. (NASDAQ:NTAP)</a> ahead of the company’s upcoming Q1 earnings, expecting largely in-line results, although risks are to the downside as the analysts are seeing macro uncertainties and supply shortages delaying customers' purchasing decisions across the IT hardware space. </p>
<p>According to the analysts, customers are more inclined to move toward a consumption model in this environment, which could benefit IT hardware companies that also offer cloud services. Specific to NetApp, a quarter ago the company had a setback in its Public Cloud business and lowered its ARR growth forecast to approximately 60% year-over-year exiting 2023, with an indication that the growth will accelerate in the back half of 2023. </p>
<p>The analysts said they will continue to monitor the progress of this business, as they believe it is the key for its stock to re-rate higher. The analysts maintained their buy rating and $84 price target on the company’s shares.</p>

NASDAQ:NTAP