NetApp (NTAP) provided a "conservative" guidance with a deceleration in H2 after reporting a fiscal Q1 beat and raising its fiscal 2027 outlook, Oppenheimer said in a note Wednesday.

The report said the beat exceeded the high-end of every guided metric, with strength across key operating metrics, including all-flash storage, public cloud and billings.

The note also pointed to its 2027 guidance for revenue and EPS of $8.10 billion and $9.88, respectively, at the midpoint, a $650 million revenue raise, well above consensus.

"While this implies only ~9% growth in 2HFY27, we believe this

may be conservative, setting up the company for beats in the future," the report said.

Oppenheimer kept its perform rating as it viewed the stock as fairly valued.

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