JPMorgan raised the firm’s price target on Pure Storage (PSTG) to $110 from $105 and keeps an Overweight rating on the shares as part of an earnings preview. The off-cycle hardware earnings reporters face investor concerns about the sustainability of artificial intelligence demand, which has “moderated the AI-led valuation premiums,” the analyst tells investors in a research note. However, the firm expects near-term revenue and earnings upsides from AI-leveraged companies to reassure investors.
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