JPMorgan Downgrades NetApp to 'Neutral'

Analysts lower price target to $110 amid market uncertainty

Apr. 16, 2026 at 12:06pm

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A highly detailed, cinematic close-up image of the complex mechanical components and circuits that make up a data storage system, conveying a sense of the industrial power and infrastructure behind modern digital technology.An extreme close-up of the inner workings of a data storage system, highlighting the robust, industrial nature of the technology powering today's digital economy.Sunnyvale Today

JPMorgan Chase & Co. has downgraded data storage provider NetApp (NASDAQ: NTAP) from an 'overweight' rating to a 'neutral' rating, while also lowering the company's price target to $110 from its previous $128. The move comes amid broader market volatility and concerns over NetApp's growth prospects.

Why it matters

NetApp is a major player in the data storage and management industry, so this downgrade from a prominent Wall Street firm could signal broader uncertainty around the company's future performance and the overall direction of the tech sector.

The details

In their report, JPMorgan analysts cited a number of factors behind the downgrade, including slowing demand for NetApp's products and services as well as increased competition in the data storage market. The analysts also noted that NetApp's stock has underperformed the broader market in recent months.

  • The downgrade was issued on Thursday, April 16, 2026.

The players

JPMorgan Chase & Co.

A major global investment bank and financial services firm that provides a wide range of banking, investment, and financial advisory services.

NetApp

A leading provider of data storage and management solutions, headquartered in Sunnyvale, California.

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What they’re saying

“We must downgrade NetApp to 'neutral' as we see headwinds ahead for the company's growth and profitability.”

— JPMorgan Analyst

What’s next

Investors will be closely watching NetApp's upcoming earnings report and guidance to see if the company can address the concerns raised by JPMorgan and regain investor confidence.

The takeaway

This downgrade highlights the ongoing challenges facing the data storage industry, as companies navigate shifting market dynamics and increased competition. NetApp's ability to adapt and innovate will be crucial in the months ahead.