Oppenheimer bullish on Pure Storage, initiates with an Outperform

As previously reported, Oppenheimer initiated coverage of Pure Storage (PSTG) with an Outperform rating and $120 price target The firm says its bullish stance is predicated upon its view that Pure Storage is a beneficiary of rising creation and storage of unstructured data that is used to build and deliver AI applications; a long-term share gainer in an all-flash array market, where it has technological advantage; and expanding its customer base to include tier-1 and tier-2 hyperscalers. Oppenheimer believes these drivers will result in strong margin improvement.