BofA raised the firm’s price target on Pure Storage (PSTG) to $100 from $95 and keeps a Neutral rating on the shares. Fiscal Q3 saw broad-based strength across Pure’s portfolio, but the company reported “a smaller than usual beat” on revenue and operating income, the analyst tells investors. Product growth has yet to re-accelerate and hyperscaler deals have yet to catalyze estimates, while investments and competitive dynamics create margin risk, the analyst added.
Claim 70% Off TipRanks This Holiday Season
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PSTG:
- Pure Storage price target raised to $92 from $80 at Lake Street
- Morning Movers: Macy’s dips following third quarter earnings report
- Pure Storage price target raised to $100 from $85 at TD Cowen
- Pure Storage price target lowered to $83 from $90 at Morgan Stanley
- Pure Storage price target raised to $60 from $55 at UBS