2024-03-05 16:24:14 ET
Summary
- I believe NetApp's better-than-expected results and outlook signal a positive trend in billings, revenue, and all-flash array revenue that'll extend into FY25.
- The company's position in the data management and AI market, as well as its expanded flash portfolio, make it well-positioned for top-line growth.
- I think NetApp will be one of the longer-term benefactors of the AI boom, and is undervalued at current levels.
- I hereon share my thoughts on NetApp and why I think it'll outperform expectations over the coming quarter.
Investment Thesis
NetApp ( NTAP ) reported the third quarter of 2024 results and outlook last month, with the stock trading higher by +12% in extended trading; I believe NetApp is a name that should be on investors' radar for 2024. At its core, NetApp is an intelligent data infrastructure company that combines its offerings of unified data storage, integrated data services, and CloudOps solutions to create a silo-free infrastructure and enable superior data management. NetApp rode the dot com bubble back in the 1990s and is now in the midst of getting in on the AI boom, in my opinion....
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NetApp: AI Could Support More Upside - Initiating With A Buy