In a report released today, Mike Cikos from Needham maintained a Buy rating on Pure Storage (PSTG – Research Report), with a price target of $75.00.
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Mike Cikos has given his Buy rating due to a combination of factors that highlight Pure Storage’s strong performance and potential for future growth. The company reported first-quarter earnings for fiscal year 2026 that surpassed expectations, driven by a significant 70% year-over-year increase in Total Contract Value (TCV) sales for their Evergreen//One product, reaching $95 million. This growth was fueled by both large-scale deals and a high volume of transactions.
Additionally, Pure Storage is on track with its testing for anticipated production shipments to Meta in fiscal year 2027, indicating promising future prospects. The company is also experiencing strong adoption of its Fusion v2.0 and Portworx products, as enterprises look to modernize their applications and reassess their VMware deployments. Despite macroeconomic uncertainties, Pure Storage’s ability to deliver service level agreements, simplicity, and efficiency supports the Buy rating, with a price target set at $75.