Pure Storage price target lowered to $53 from $76 at Piper Sandler

Piper Sandler lowered the firm’s price target on Pure Storage (PSTG) to $53 from $76 and keeps an Overweight rating on the shares. Following its Q1 2025 on-calendar infrastructure checks, the firm is broadly reducing its estimates and price targets throughout the space given underlying macro-pressures that is seeing sales cycles extend. Piper is lowering its new-business and expansionary assumptions across the group, but FX headwinds have largely reversed.