Krish Sankar, an analyst from TD Cowen, maintained the Buy rating on Pure Storage (PSTG – Research Report). The associated price target remains the same with $80.00.
Krish Sankar has given his Buy rating due to a combination of factors that highlight Pure Storage’s strategic positioning and growth potential. The company’s management expressed confidence in managing the impact of tariffs, which are expected to be less significant and could potentially drive customer adoption of their Evergreen solutions. These solutions allow for component upgrades without the need for entirely new systems, offering a cost-effective alternative to competitors.
Additionally, Pure Storage’s ability to maintain competitive pricing, even in challenging times like the COVID-19 pandemic, showcases its resilience and operational efficiency. The recent design win with Meta further strengthens its position in the market, signaling potential for increased market share in the hyperscale storage sector. The company is optimistic about securing additional design wins, as its solutions align well with the needs of other hyperscalers, enhancing its long-term growth prospects.
According to TipRanks, Sankar is a 5-star analyst with an average return of 9.3% and a 47.31% success rate. Sankar covers the Technology sector, focusing on stocks such as Pure Storage, Apple, and Lam Research.
In another report released yesterday, Piper Sandler also maintained a Buy rating on the stock with a $53.00 price target.