NetApp’s (NASDAQ:NTAP) Product Revenue – which includes sales of storage-based hardware and related software – declined from $3.76 billion in 2019 to about $3 billion in 2020 and remained roughly flat over 2021. Trefis expects the number to rise to almost $3.20 billion in 2022.
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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 2022 as macroeconomic conditions continue to improve and IT spending rises.
We think NTAP stock is undervalued at current levels. We value the stock at about $98 per share, which is 22% ahead of the current market price.
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|S&P 500 Return||-5%||-10%||92%|
|Trefis MS Portfolio Return||-3%||-12%||246%|
 Month-to-date and year-to-date as of 2/25/2022
 Cumulative total returns since the end of 2016