In a report released today, Mike Cikos from Needham maintained a Buy rating on Pure Storage, with a price target of $100.00.
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Mike Cikos has given his Buy rating due to a combination of factors, primarily focusing on Pure Storage’s strong performance and strategic initiatives. The company has exceeded its expectations by shipping more than 2 Exabytes of storage, which is ahead of their plan for Hyperscaler deployments. This indicates robust demand and successful execution of their business strategy.
Additionally, Pure Storage has raised its FY26 guidance for both revenue and profitability, showcasing confidence in its financial outlook. The company is also exploring different business model options for its Hyperscaler segment, which could positively impact Gross Margin economics moving into FY27. Although reinvestments in Research & Development and Sales & Marketing are expected to dampen Operating Margin expansion in FY27, these are strategic moves aimed at capturing future growth opportunities, reinforcing the Buy rating.
According to TipRanks, Cikos is a 5-star analyst with an average return of 11.5% and a 51.62% success rate. Cikos covers the Technology sector, focusing on stocks such as Pure Storage, MongoDB, and Elastic.
In another report released today, TR | OpenAI – 4o also reiterated a Buy rating on the stock with a $98.00 price target.