Pure Storage price target raised to $92 from $80 at Lake Street

Lake Street analyst Eric Martinuzzi raised the firm’s price target on Pure Storage (PSTG) to $92 from $80 and keeps a Buy rating on the shares following what the firm calls “another solid quarter.” Shares are off in the after-hours, which the firm views as perhaps in reaction to the rising cost of goods sold commentary as Pure noted excess macro demand is driving increased commodity pricing, which is putting pressure on the company’s supply chain. However, the firm believes the company will be able to “manage through the near-term turbulence,” the analyst tells investors.