NetApp Leaps 11% In After-Hours On Strong 1Q Results

Shares of NetApp soared about 11% in the extended trading session on Wednesday after the company reported stronger-than-expected 1Q results and provided an upbeat revenue outlook for the current quarter.NetApp’s (NTAP) 1Q revenues climbed 4.8% to $1.3 billion year-over-year and surpassed analysts’ expectations of $1.15 billion. It's adjusted EPS increased 12.3% to $0.73 year-on-year and beat Street estimates of $0.41.The data management company’s 2Q revenues guidance range of $1.225-$1.375 billion was higher than analysts’ expectations of $1.23 billion. However, adjusted EPS projection of $0.66-$0.74 missed Street estimates of $0.76. (See NTAP stock analysis on TipRanks).Following its earnings, Susquehanna analyst Mehdi Hosseini reiterated his Buy rating on the stock and a price target of $60 (42.1% upside potential). Hosseini said, “While we remain positive on the long-term outlook, we still believe there is work to be done, including continued progress in their opex reduction plan and continued M&A activity to bolster their hybrid cloud portfolio, all while awaiting a macroeconomic improvement to catalyze IT spend on digital transformation.”Currently, NTAP has a Hold analyst consensus. With shares down over 32% year-to-date, the average price target of $47.55 now implies upside potential of about 12.7% to current levels.Related News: Salesforce Spikes 13% In After-Hours On Lifted Sales Guidance BMO Lowers Palo Alto’s PT After 4Q Beats Estimates Intuit Soars 6% In After-Hours On Strong 4Q Results More recent articles from Smarter Analyst: * Truist Lifts Medtronic’s PT On Growth Prospects * Dick's 2Q Beats The Street As Shoppers Go Online * Splunk Slips In Pre-Market As Revenue Outlook Disappoints; Street Stays Bullish * Abbott Jumps 22% On Emergency Use Nod For Credit Card Size Covid-19 Test