NetApp's stock has more than doubled in 2026, with a year-to-date increase of 113%. Evercore ISI analyst Amit Daryanani believes the company has further upside potential, citing continued strength in its core business and the impact of larger AI deployments. The firm's price target increase from $210 to $300 suggests a 31% upside from the stock's recent closing price.
Daryanani emphasizes that NetApp's growth is not solely reliant on new product contributions, as the ongoing data center buildouts by hyperscalers are driving business momentum. Additionally, NetApp is expanding its offerings in product, support, and public cloud verticals, which could enhance its market position.
The analyst notes that the storage industry is expected to experience a compound annual growth rate of double digits, fueled by AI advancements that increase the value of existing data and create new workloads. This outlook contrasts with the broader market sentiment, as only eight out of 22 analysts covering NetApp have a buy or strong buy rating, while 14 maintain a hold rating