BTIG Sees Pure Storage (PSTG) Shares Trading at 'Unwarranted Discount'; Affirms Buy Rating

December 1, 2016 11:51 AM EST
Get Alerts PSTG Hot Sheet
Price: $12.05 +0.25%

Rating Summary:
    14 Buy, 9 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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BTIG affirms Pure Storage (NYSE: PSTG) at Buy with a price target of $17 following Q3 results reported Wednesday night.

In part, the firm commented, Pure Storage delivered a strong quarter, with revenue, operating margins, and outlook ahead of consensus. Importantly, operating losses continue to diminish in-line with commitments, improving line of sight to positive FCF generation towards the end of next calendar year. Overall, the company is demonstrating the strongest growth fundamentals we’ve seen from a pure-play storage company in years, underpinned by what we believe is a differentiated (and expanding) product set and a powerful go-to-market model. Stock trades at 2.4x FY18E EV/Revenue, an unwarranted discount.

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