Pure Storage price target raised to $62 from $40 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Pure Storage (PSTG) to $62 from $40 and keeps an Equal Weight rating on the shares. The Enterprise Storage group is up 10%-plus from before April 2, which provides “a challenging setup into prints given relatively weaker checks,” the analyst tells investors in a preview ahead of calendar Q1 reports from the group. While outlooks may not be as challenged as previously expected, the firm still believes the stocks “lean overly positive heading into prints” noting that it is most cautious on NetApp (NTAP), sees a floor on HP Enterprise (HPE) given the activist involvement, and is most encouraged about Nutanix (NTNX).