Pure Storage upgraded to Outperform at Northland on bookings growth acceleration

As previously reported, Northland upgraded Pure Storage (PSTG) to Outperform from Market Perform with a price target of $81, up from $77. Big deal win rates are a driver of short-term bookings “impressively accelerating” from 21% year-over-year to 39% year-over-year in the January quarter, driving “impressive” April quarter guidance, the analyst tells investors. FY27 guidance embeds core enterprise storage shipments slow to single digit year-over-year growth, but this is “likely very” conservative, the analyst added.