NetApp’s (NASDAQ:NTAP) Services Revenue rose from around $2.4 billion in 2020 to about $2.75 billion in 2021. Trefis expects the metric to rise further to about $3.2 billion in 2022 and to about $3.55 billion in 2023.
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We expect revenue growth to be driven by higher demand for cloud data services and data management.
We think the projected growth is largely priced into NTAP stock. We value NTAP at about $98 per share, about 5% ahead of the current market price.
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|S&P 500 Return||-2%||-2%||109%|
|Trefis MS Portfolio Return||-4%||-4%||276%|
 Month-to-date and year-to-date as of 1/12/2022
 Cumulative total returns since the end of 2016