Evercore ISI Exceeds Expectations and Raises NetApp Target to $300

NetApp's stock doubled in 2026, and Evercore ISI recently announced an outperformance expectation with a $300 target, marking a 31% increase from Tuesday's close (source: CNBC).

Evercore ISI Upgrades NetApp to "Outperform"

The boutique investment firm Evercore ISI upgraded NetApp's recommendation from "in line" to "outperform," signaling increased confidence in the company's trajectory. This revision comes as the research firm observes robust momentum within the storage market, driven by hyperscaler demand for expanding data-center programs.

Lead analyst Amit Daryanani notes that "NTAP has a path to growth without requiring significant contributions from products that are just beginning to take off" (source: CNBC). This statement underscores NetApp's ability to generate growth through its existing portfolio without relying on uncertain product launches.

Price Target Raised to $300, 31% Upside from Close

Evercore ISI raised its price target to $300 from $210, implying a potential 31% upside from Tuesday's close. The new target is based on revenue forecasts driven by the rise of enterprise storage solutions and growing demand for AI infrastructure.

The calculation of this target incorporates a double-digit CAGR estimate for the storage sector, according to Evercore analysts, citing a compound annual growth rate exceeding 12% (source: CNBC). This outlook surpasses many competitors' projections and justifies the upward revision.

2026 Performance: +113% YTD, Hyperscaler-Driven Growth

Year-to-date, NetApp's stock has climbed 113%, fueled by strong hyperscaler demand for large-scale storage solutions. Cloud giants, accelerating their data-center constructions, have chosen NetApp platforms to support their AI workloads.

This growth is also reflected in the public cloud division's revenue, where NetApp has expanded its support and services offerings for both public and private sector clients. The move aligns with a broader trend where storage becomes a critical link in the AI value chain.

Storage Growth: Expected 10%+ CAGR

The storage sector, according to Evercore ISI, is positioned for growth exceeding 10%, driven by increasing data value and the rise of GPU-connected workloads. The analyst emphasizes that AI makes data more valuable, thereby boosting demand for higher-performance storage solutions.

This dynamic should translate into revenue growth for NetApp, particularly through hybrid sales combining on-premise and public cloud solutions. The report indicates the storage market could sustain a 12% CAGR, per Pure's estimates, reinforcing the double-digit outlook for NetApp.

Analyst Consensus: 8 Buys vs. 14 Holds, Notable Discrepancy

Among the 22 analysts covering NetApp, only eight recommend a buy or strong buy, while the majority, 14, maintain a "hold" position (source: LSEG). This divergence reflects uncertainty about the company's ability to convert current demand into sustainable profits.

Those remaining cautious point to the need to see how NetApp will capitalize on new AI opportunities without experiencing investment cycle slowdowns. Meanwhile, proponents argue the strength of the order pipeline and the company's ability to monetize its cloud offerings.

Implications for French Investors via S&P 500 Exposure

For French investors, NetApp is a component of the S&P 500, accessible through ETFs like the Amundi S&P 500 PEA ETF. The $300 target increase creates significant upside potential for portfolios exposed to the U.S. index.

French investors holding positions in tech stocks like Apple (AAPL) or NVIDIA may consider NetApp as a complementary infrastructure play within AI. The expected storage growth and hyperscaler momentum offer a coherent investment framework aligning with medium-term growth strategies.