Analyst Aaron Rakers from Wells Fargo maintained a Buy rating on Pure Storage (PSTG – Research Report) and keeping the price target at $80.00.
Aaron Rakers has given his Buy rating due to a combination of factors that highlight Pure Storage’s strategic positioning in the evolving data storage landscape. One of the primary reasons is the confirmation of Meta as Pure’s first hyperscale design win, which underscores Pure’s capability to meet the demands of large-scale data center operations. This partnership with Meta, particularly in the adoption of QLC SSDs, positions Pure Storage as a key player in the shift towards more efficient and scalable storage solutions.
Furthermore, Pure Storage’s differentiation through its software and density leadership in DirectFlash Modules (DFMs) is seen as a significant advantage. The ability of Pure’s DFMs to scale up to 600TB with existing NAND technology demonstrates its potential to lead in high-density storage solutions. Additionally, the broader industry trend of increasing QLC adoption, despite current cost challenges, suggests a growing market opportunity that Pure Storage is well-positioned to capitalize on. These factors collectively support Aaron Rakers’s positive outlook on Pure Storage’s stock.
In another report released on February 28, Susquehanna also maintained a Buy rating on the stock with a $75.00 price target.
PSTG’s price has also changed slightly for the past six months – from $47.390 to $50.110, which is a 5.74% increase.