Citi analyst Asiya Merchant maintained a Buy rating on Pure Storage yesterday and set a price target of $81.00.
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Asiya Merchant has given her Buy rating due to a combination of factors that highlight Pure Storage’s strategic positioning and growth potential. The company is expected to capitalize on the ongoing industry transition to flash storage and the increasing demand for advanced storage solutions driven by AI workloads. Merchant notes that Pure Storage’s product and technology roadmap, including their focus on hyperscaler opportunities and subscription offerings, positions them well for mid- to long-term growth.
Additionally, the company’s emphasis on platform-native solutions, software-defined technologies, and storage-as-a-service offerings aligns with industry trends. Merchant also highlights Pure Storage’s efforts to deepen partnerships with key players like nVidia and Nutanix, which could enhance their market presence. The anticipated updates to their product lines, such as the FlashArray and FlashBlade, and enhancements to their Evergreen subscription services, further support the positive outlook for the company’s future performance.
In another report released on September 4, Evercore ISI also maintained a Buy rating on the stock with a $85.00 price target.
Based on the recent corporate insider activity of 69 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PSTG in relation to earlier this year.