William Blair analyst Jason Ader upgraded NetApp to Outperform from Market Perform and "significantly" raised his estimates for the company. In a research note partially titled "The Surge Looks Sustainable," the analyst says recent channel checks erased his skepticism of the recent surge in NetApp's business. The stock's risk/reward still skews "substantially positive" at the cash-adjusted price-to-earnings multiple of 12.6 times his new 2019 estimate, Ader tells investors. He believes NetApp's "business can continue to surge for the next few years."