Barclays downgrades NetApp to Equalweight and cuts price target to $219
Barclays lowered NetApp’s rating from Overweight to Equalweight on October 14, citing the stock’s 123% year‑to‑date gain and what it sees as an overvalued price. The firm set a new price target of $219, below the market price of about $224. The downgrade triggered a 4‑6% drop in NetApp shares. The company also reported first‑quarter revenue of $2.025 billion, up 30% YoY, while free cash flow fell 35% to $401 million.
Why it matters
Barclays’ lower target suggests the stock may be overvalued, putting pressure on the share price. The sharp decline in free cash flow, despite strong revenue growth, raises concerns about cash generation for investors.
Key facts
- 1Barclays changed NetApp’s rating to Equalweight from Overweight and set a price target of $219. investing.com
- 2The downgrade was announced on October 14, 2026. investing.com
- 3NetApp’s shares fell to $224.59 after the downgrade. gurufocus.com
- 4First‑quarter revenue was $2.025 billion, up 30% year‑over‑year. gurufocus.com
- 5Free cash flow dropped 35% to $401 million. gurufocus.com
- 6The stock had a 123% year‑to‑date gain before the downgrade. investing.com
Summary written by AlphAI AI Desk from 6 of 6 sources. Not investment advice. Figures are as stated by the linked sources.