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.
TipRanks Black Friday Sale
- Claim 60% off TipRanks Premium for the data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PSTG:
- Oppenheimer bullish on Pure Storage, initiates with an Outperform
- Pure Storage initiated with an Outperform at Oppenheimer
- Pure Storage price target raised to $90 from $72 at Morgan Stanley
- Pure Storage Appoints Patrick Finn as Chief Revenue Officer
- Pure Storage names Patrick Finn as Chief Revenue Officer