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Skip NavigationMarketsBusinessInvestingTechPolitics & PolicyVideoWatchlistInvesting ClubPROLivestreamMenuNetApp has more than doubled in 2026, and it still has more room to run, according to Evercore ISI. The investment firm upgraded the data infrastructure stock to outperform from in line. It also hiked its price target on shares to $300 from $210, suggesting 31% upside from Tuesday’s close. “NTAP has a path to … upside without needing a significant contribution from products that are only beginning to ramp,” analyst Amit Daryanani said Wednesday in a note to clients. “The near-term opportunity is for continued strength in the core business + larger production AI deployments to support a less pronounced slowdown than the current outlook implies.” Shares of NetApp have surged 113% year to date as the company leverages momentum from hyperscalers’ ongoing data center buildouts to boost its business. NTAP YTD mountain Shares are up 113% in 2026. However, NetApp is not just focused on bolstering its enterprise solutions for data centers. The firm is also growing its product, support and public cloud verticals for other clients, per Evercore ISI. Daryanani noted that continued strong demand throughout the storage industry should be a boon for NetApp, driving considerable value to the company’s shares. “Fundamentally, the storage industry is poised to accelerate with a potential to sustain double-digit revenue [compound annual growth rate (CAGR)] (Pure noted +12% CAGR), driven by AI making existing data more valuable and creating new [graphics processing unit]-connected, on-prem workloads, supporting a larger opportunity beyond conventional refresh spending,” the analyst wrote. Evercore ISI’s call goes against consensus on the Street. Of the 22 analysts covering NetApp, just eight have a buy or strong buy on the stock, while 14 have a hold rating on it, LSEG data shows.Read More