Is a PX Benefit Captured in Expectations?

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Is a PX Benefit Captured in Expectations?

Company Report

May 26, 2026 NetApp Inc. (NTAP)

Rating: Is a PX Benefit Captured in Expectations?NEUTRAL

Price:

$139.36 NTAP reports Thursday AMC. While we had encountered relatively negative

12-Month Price Target: sentiment through much of April, the stock's recent outperformance suggests a

$115.00 much more optimistic outlook into the print.

Key Thoughts

Analysts Higher PX Benefits - We believe Q4 sales will easily top prior expectations as we

Matt Bryson believe bit shipments will likely match expectations, while system PX moved higher

(617) 695-6302 through the course of FQ4. In addition, we think NTAP was relatively quick to liftmatthew.bryson@wedbush.com

Antoine Legault, CFA, CPA PX and likely still has some low-cost bits that were used in FQ4/CQ1, limiting the

(626) 497-1619 near-term impact on GMs (with GM $'s in our view set to exceed prior Street

antoine.legault@wedbush.com expectations). And we expect stronger PX will also result in a positive FQ1 outlook.

AI Related Wins - We encountered feedback that NTAP won a few large deals late

Company Information - Hardware in the quarter (likely AI related). While we feel that NTAP's efforts around AI haven't

Market Cap (M) $27,500 yet created a competitive offering, we would not be surprised if management talks

Enterprise Value (M) $28,643 to additional traction with its AI offerings.52-Week Range $93.69 - $141.75

Fed Headwinds Less of an Issue - CDW's results suggest Fed spending (historically a REV (M) in $

FYE Apr 2025A 2026E 2027E significant vertical for NTAP) remains weak. While we see softer government spend

Q1 Jul 1,541.0A 1,559.0A 1,650.3E as negative for NTAP, we also believe it will likely prove to be noise (on the revenue