NetApp tumbles after results; brokerages hike PT
** Data infrastructure company NetApp's NTAP.O shares drop 11% to $120.91, set for worst day since February 2021
** Fall comes despite co raising annual profit and revenue forecasts, with Q2 forecasts for revenue and profit per share above analyst estimates
** "Management highlighted continued budget challenges in the U.S. public sector combined with uncertain macro backdrop from higher interest rates and geopolitical risks" - Bank of America Global Research
** Co says Chief Financial Officer Mike Berry will retire next year
** Multiple brokerages hike price target on stock
** J.P. Morgan raises PT to $147 from $146, says that despite a modest raise to full-year revenue outlook, "outlined guidance leaves room for further potential upsides"
** Barclays, BofA Global Research, Stifel, UBS also hike PTs
** Despite PT hike, BofA reiterates "underperform" rating, citing "potential macro (risks) and rising memory prices"
** 6 of 21 brokerages rate the stock "buy" or higher, 14 "hold" and 1 "sell" or lower, as per LSEG data
** Median PT is $130, representing a roughly 7.3% increase to current price
** Including day's moves, NTAP has gained about 37% year-to-date
Reporting by Lisa Mattackal in Bengaluru; Editing by
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