In a report released today, Amit Daryanani from Evercore ISI maintained a Buy rating on Pure Storage (PSTG – Research Report), with a price target of $60.00.
Amit Daryanani has given his Buy rating due to a combination of factors that suggest a positive outlook for Pure Storage. Despite removing Pure Storage from the tactical outperform list following the January quarter earnings, Daryanani maintains a positive long-term perspective. The company reported strong revenue and earnings per share for the quarter, aligning future guidance with market expectations.
Looking ahead, several factors could drive growth for Pure Storage in the fiscal year 2026. These include an improving macroeconomic environment, increased adoption of their product portfolio, and favorable comparisons in future quarters. Additionally, the potential for accelerated market share gains and the benefits from a significant hyperscale cloud win position Pure Storage well for further success. Daryanani believes these elements collectively justify a Buy rating, with a target price of $60.
Daryanani covers the Technology sector, focusing on stocks such as Apple, Amphenol, and Cisco Systems. According to TipRanks, Daryanani has an average return of 11.1% and a 55.58% success rate on recommended stocks.