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NetApp’s Upcoming Q2 Results Preview


Deutsche Bank provided their outlook on NetApp, Inc. (NASDAQ:NTAP) ahead of the upcoming Q2 earnings announcement.
The analysts acknowledge that the company will face shrinking IT budgets as suggested by many companies in the supply chain, but also believe storage spending will hold up better than server spending. Furthermore, the analysts noted that customers are moving toward a consumption model, which could be a tailwind for the company’s Public Cloud business as customers focus on infrastructure optimization, performance monitoring and data services in the cloud.
The analysts believe the company will reiterate its Public Cloud ARR target of $780-820 million (up 60% year-over-year) exiting fiscal 2023. The analysts also see upside potential for the company’s margins given easing supply constraints (leading to lower component cost premiums) and rapidly declining NAND flash prices.









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