Susquehanna Holds NetApp at Neutral, $185 Target

Susquehanna analysts kept their Neutral rating and $185 price target on NetApp (NTAP) heading into the second half, citing strong enterprise storage demand and AI upside. The firm said KV cache visibility remains limited, a factor that tempers the bullish case around the company's AI exposure.

NetApp's enterprise storage business has held up well as customers upgrade data-center infrastructure, the analysts noted. The AI opportunity, particularly around the company's KV cache product for inference, is a potential catalyst but has not yet shown clear monetization momentum. The limited visibility into that pipeline keeps the rating at Neutral rather than a more bullish stance.

NetApp carries an Alpha Score of 41/100 from AlphaScala, a Mixed label in the Technology sector. The score reflects the competing forces of steady storage demand and the uncertainty around AI-related revenue contributions.