Lake Street raised the firm’s price target on Pure Storage (PSTG) to $70 from $68 and keeps a Buy rating on the shares. Pure’s Q3 print will be remembered less for the “good” quarter and the “mixed” guidance and more for the confirmation of a design win with a top four hyperscaler, though the company did not give the name of the customer, the analyst tells investors. The firm, which says its price target is raised on “a more bullish growth forecast and a higher multiple,” also notes that Pure remains in discussions with other top ten hyperscalers.
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Read More on PSTG:
- Pure Storage price target raised to $63 from $59 at Northland
- Pure Storage price target raised to $65 from $60 at Stifel
- Pure Storage price target raised to $75 from $70 at Evercore ISI
- Pure Storage price target raised to $75 from $62 at Needham
- Pure Storage price target raised to $80 from $70 at TD Cowen
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
