Pure Storage price target raised to $66 from $53 at Piper Sandler

Piper Sandler raised the firm’s price target on Pure Storage (PSTG) to $66 from $53 and keeps an Overweight rating on the shares. The firm says things remain on-track within Pure’s business, as the company didn’t see any macro impact despite the uncertain environment, the Meta (META) contract is progressing as planned, there are two other major PoCs in the works, VMware replacements across multiple strategies are occurring within Pure’s base, product drove the upside, and E//1 faced an easy compare and landed a large deal. Pure//Accelerate in June is the next catalyst, Piper adds.