NetApp Fiscal Q1 Results Expected Above Guidance on Storage Demand, Oppenheimer Says

MT Newswires Live

Aug 21

NetApp (NTAP) is expected to report fiscal Q1 results above guidance and raise its full-year outlook, as stronger primary storage demand and market-share gains support growth, Oppenheimer said in a report Thursday.

The company is scheduled to report its quarterly results on Sept. 2.

The firm expects Q1 revenue to exceed NetApp's $1.9 billion high-end guidance and sees the company raising its fiscal 2027 revenue outlook to at least 10% year-over-year growth, or more than $7.6 billion. The firm's checks showed stronger expectations for primary-storage spending and improved performance for NetApp relative to competitors, according to the report.

The firm's checks show NetApp ranked as a top artificial intelligence "storage vendor," with 30% of respondents naming it their "vendor of choice." The firm said rising AI-related data storage needs, adoption of "all-flash arrays" and demand from AI-native companies should support customer growth and margin improvement.

Oppenheimer has a perform rating on NetApp and added that recent share-price rally already appears to reflect expectations for a "beat and raise" quarter and double-digit fiscal 2027 growth.

Price: 195.84, Change: +1.36, Percent Change: +0.70

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