Pure Storage price target lowered to $90 from $100 at BofA

BofA analyst Wamsi Mohan lowered the firm’s price target on Pure Storage (PSTG) to $90 from $100 and keeps a Neutral rating on the shares. Although the firm’s checks indicate that Pure has not changed its pricing “yet” in response to higher memory prices, BofA sees price increases as “inevitable over the course of the year,” the analyst tells investors. The firm’s fiscal Q1 revenue est. is higher than the Street at $986M versus $917M as it expects Pure to raise prices, but its EPS estimate is lower at 34c versus 39c on lower product margins, the analyst added.