NetApp (NTAP) is unlikely to miss earnings estimates for fiscal Q2 given the minimal buy-side expectations and management's tendency to be conservative with its forecasts, Wedbush Securities said in a note Monday.

Analysts said investor expectations are low going into the earnings, with sentiment relatively negative due to a lack of clear positive catalysts, combined with several concerns, including the US government shutdown, which may have impacted NetApp's performance in the October quarter.

Wedbush noted that demand for enterprise storage, which constitutes the bulk of the company's business, is yet to see a positive inflection tied to either refresh cycles or US tax policy.

NetApp is scheduled to report its fiscal Q2 earnings on Tuesday. In August, the company set a fiscal Q2 adjusted earnings guidance of $1.84 to $1.94 per share. Analysts polled by FactSet expect $1.88, while Wedbush estimates $1.90.

Wedbush reiterated its neutral rating on the stock and $110 price target.