Pure Storage price target lowered to $70 from $75 at JPMorgan

JPMorgan lowered the firm’s price target on Pure Storage (PSTG) to $70 from $75 and keeps an Overweight rating on the shares. The company reported a solid start to the year with all metrics landing above expectations, while management maintained its full-year outlook, despite the Q1 outperformance to account for lack of visibility in the second half due to the macroeconomic uncertainty, the analyst tells investors in a research note. The firm continues to believe the shares will likely be “slightly range bound” in the near term given the lack of clear financial information about the deal with Meta or any other new hyperscaler wins.