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.
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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.
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.