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