NetApp, Inc.: Highlights from Meetings with Management

Research evidence excerpt

NetApp, Inc.: Highlights from Meetings with Management

Equity Research

IT Hardware and Communications Equipment

24 June 2026

NetApp, Inc.

Highlights from Meetings with

Management

This week we hosted investor meetings in Europe with NTAP OVERWEIGHT

Wissam Jabre, EVP and CFO of NTAP. Our takeaways were ITCommunicationsHardware and NEUTRAL

positive as we see a strong outlook across business lines. Equipment Price Target USD 199.00

Price (22-Jun-26) USD 158.31

We hosted meetings with NTAP management in London and Paris. Following last month's Potential Upside/Downside +25.7%

earnings (Solid Growth Across the Board; Margin Expansion Continues, 05.29.26) where the Source: Bloomberg, Barclays Research

company beat on top-line and margins with Public Cloud seeing further GM expansions, citing

enterprise spend strength and AI adoption momentum, questions mainly centered around IT Hardware and Communications

NAND impacts, though we believe NTAP is able to pass through commodity costs with higher Equipment

ASPs. Tim Long

+1 212 526 4043

Meeting Takeaways tim.long@barclays.com

Diverse product set. We believe NTAP has the broadest storage offering in the industry, BCI, US

including all flash arrays (performance and capacity), hybrid systems (including disc), enterprise Alyssa Shreves

SaaS (Keystone) and a Public cloud SaaS offering across the three major hyperscalers, all under +1 212 526 7570

a single management framework. We believe this diversity is important in a time of dramatically alyssa.shreves@barclays.com

higher commodity costs. BCI, US

Mary Lenox

NAND impacts. Most of the questions centered around the ability of the company to manage +1 212 526 6277

revenues and GM in an environment where NAND prices are up significantly. In addition to the mary.lenox@barclays.com