Forecast Of The Day: NetApp’s Product Revenue

-8.10%
Downside
105
Market
96.70
Trefis
NTAP: NetApp logo
NTAP
NetApp

What?

NetApp’s (NASDAQ:NTAP) Product Revenue declined from $3.76 billion in 2019 to about $3 billion in 2020. Trefis expects the number to remain flat in 2021 and rise to $3.15 billion in 2022. Product revenues refer to revenues generated from NetApp’s storage-based hardware and related software.

Why?

Relevant Articles
  1. Up 27% Over The Past Year, Will Higher Margins And Cloud Sales Drive NetApp Stock Higher Post Q3 Earnings?
  2. Up 28% Since The Beginning Of 2023, What’s Next For NetApp Stock?
  3. What To Expect From NetApp’s Q4 Results?
  4. NetApp Stock Looks Attractive Despite Easing IT Spending
  5. Despite A Rise In Sales, Here’s Why NetApp Stock Has Underperformed The S&P
  6. After Strong Outperformance, Can NetApp Stock Maintain Its Streak?

While revenues plunged in 2020 due to lower enterprise IT spending through the Covid-19 pandemic, we expect sales to pick up from next year as macroeconomic conditions continue to improve and IT spending rises.

So What?

We think the recovery in NetApp’s business is fully priced into NetApp stock. We value NetApp at about $85 per share, roughly in line with the current market price.

See Our Complete Analysis For NetApp

Invest with Trefis Market-Beating Portfolios
See all Trefis Price Estimates