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NetApp price target raised to $100 from $93 at DA Davidson. DA Davidson analyst Mark Kelleher raised his price target on NetApp to $100 after its better than expected Q1 results, driven by product revenue growth coming from all flash array business as well as the $60M in enterprise license agreements not included in the initial guidance. The analyst also keeps his Buy rating on NetApp, remaining positive on the company's execution of realignment into the Flash storage system market. Kelleher added that the headwind of the company's mature products is moderating while its growth products offer a strong revenue tailwind.

NetApp ELAs seen as 'highly strategic' footprint wins, says William Blair. William Blair analyst Jason Ader maintained an Outperform rating on NetApp following its "solid" Q1 results. In a research note to investors, Ader notes that Q2 guidance was $5M below consensus on revenue and "only" in line on EPS, pressuring the stock after-hours on Wednesday, and that ELA accounted for all of the upside in the quarter, and says that while some investors may look "skeptically" on these ELAs, he views the transactions as "highly strategic" footprint wins. Looking ahead, Ader expects product sales growth to continue at a healthy clip.

NetApp price target raised to $88 from $72 at Lake Street. Lake Street analyst Eric Martinuzzi said the impact of Enterprise License Agreements should not distract investors from the continued strength of NetApp's core all flash array business, adding that the company's operating margin guidance was raised and that its Q2 revenue and EPS guidance is in-line with consensus. Following NetApp's Q1 beat, Martinuzzi reiterated his Buy rating and raised his price target to $88 from $72.

NetApp price target raised to $92 from $85 at JPMorgan. JPMorgan analyst Paul Coster maintained an Overweight rating on NetApp and raised his price target to $92 after the company reported Q1 results that were well above expectations. The stock has re-rated positively over the past two years, owing to the return to growth, and Coster thinks the long-term growth trajectory and earnings growth potential are on the upswing.

NetApp price target raised to $91 from $81 at Maxim. Maxim analyst Nehal Chokshi raised his price target on NetApp to $91 and kept his Buy rating after its Q1 results, saying that he expects the company to further grow its market share with its "file-based technology advantage being ported to hyperscalers" in spite of the DELL/EMC turnaround efforts. The analyst adds that even excluding the contribution from the Enterprise License Agreements in the quarter, the product revenue growth rate was "still robust" at a 12% rate.

NetApp price target raised to $60 from $43 at Deutsche Bank. Deutsche Bank analyst Sherri Scribner raised her price target for NetApp to $60 following the company's above-expectation Q1, telling investors in a research note that while sales beat the Street, it was largely due to enterprise license agreements, and that, excluding the non-recurring ELAs, sales were essentially in line and EPS only beat expectations by about 6c. The analyst continues to believe NetApp's business remains secularly challenged, and views current multiples as unreasonably high. Scribner sees downside risk to the shares at current levels and maintains a Sell rating.

NetApp estimates raised after 'strong' quarter at Stifel. Stifel analyst Matthew Sheerin noted that NetApp's first quarter revenue and adjusted EPS beat his expectations, with most of the upside coming from enterprise-licensing agreements from large customers. He also noted that NetApp expects the move to all-flash storage to accelerate as flash memory pricing declines. Sheerin raised his FY19 and FY20 revenue and EPS estimates following the report and maintains his Buy rating and $91 price target on NetApp shares.

NetApp price target raised to $90 from $75 at BMO Capital. BMO Capital analyst Tim Long raised his price target on NetApp to $90 and kept his Outperform rating after its Q1 results, saying that the earnings beat was driven by the unanticipated $60M in Enterprise License Agreement profits. The analyst notes that while the profits excluding the ELAs were in-line, these deals are still positive, representing "strategic contracts with large customers". Long further states that NetApp's all-flash array solutions remained impressive with a 50% growth rate, while its Software and Hardware maintenance and services segments returned to growth.

NetApp price target raised to $90 from $86 at Piper Jaffray. Piper Jaffray analyst Andrew Nowinski reiterated an Overweight rating on NetApp and raised his price target for shares to $90 following the company's "solid" quarter, beating estimates for EPS, revenue, gross margin and operating margin. In a research note to investors, Nowinski acknowledges that product growth dropped down to +8% y/y ex-ELAs, though he believes the deals are "highly strategic" to NetApp, but says the most important takeaway from the call is that earnings growth now accelerates to mid-20%s.