J.P. Morgan analyst Pinjalim Bora maintained a Buy rating on Pure Storage (PSTG – Research Report) today and set a price target of $70.00.
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Pinjalim Bora has given his Buy rating due to a combination of factors that highlight Pure Storage’s strong market position and growth potential. The company has demonstrated a solid start to the year, with all key metrics surpassing expectations, and management has maintained its full-year guidance despite macroeconomic uncertainties. This performance is supported by a 12% year-over-year revenue growth, driven primarily by product revenue, and notable traction in both traditional and OpEx-based sales.
Additionally, Pure Storage’s innovative product offerings, such as the Fusion 2.0 and Evergreen//One, have been well-received, with significant customer adoption and AI-related wins. The company’s focus on flash-based storage and rapid innovation cycle positions it favorably against competitors, allowing it to maintain a competitive edge. Furthermore, the company’s pricing strategy for its Evergreen portfolio remains unaffected by tariff changes, providing cost predictability for customers. These factors, combined with a positive outlook for future bookings and profitability, underpin Bora’s confidence in Pure Storage’s continued success.
Bora covers the Technology sector, focusing on stocks such as Box, Dynatrace, and JFrog. According to TipRanks, Bora has an average return of 11.7% and a 58.96% success rate on recommended stocks.
In another report released today, Citi also assigned a Buy rating to the stock with a $65.00 price target.