NetApp's (NTAP) fiscal Q4 performance was supported by "strong" All-flash array and public cloud growth, but the company again provided outlook below consensus, Oppenheimer said in a Friday note.

The lower-than-expected outlook at midpoint was due to broader macro challenges, US tariffs, public sector weakness, and spending delays in European regions, analyst Param Singh wrote.

Although NetApp reported 150 artificial intelligence wins in fiscal Q4, product revenue growth will still require "multiple" quarters to be back to a mid-single-digit growth path, the analyst added.

"NetApp's GM was pressured by a heavier product mix and rising component costs, with tariff and NAND pricing expected to persist as margin headwinds in FY26," Singh said.

Oppenheimer maintained its perform rating on the stock.

Shares of the company were up almost 1% in recent Friday trading.

Price: 99.85, Change: +0.64, Percent Change: +0.65