Jefferies Raises Price Target on Pure Storage, Inc. (PSTG) Following 3Q; Reiterates Hold
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Jefferies reiterated a Hold rating on Pure Storage, Inc. (NYSE: PSTG), and raised the price target to $13.50 (from $13.00), following the company's 3Q earnings report. Pure reported revenue of $197M, beating Consensus of $192M. EPS hit ($0.10), well exceeding the Street's ($0.15) estimate.
Analyst James Kisner commented, "Q3 results and guidance were above the Street. Q3 product gross margin was below Consensus; Pure blamed the ramp of Flash Blade. However, Pure showed better-than-expected operating leverage. We're encouraged by solid execution, but the potential headwinds generated by the incumbency advantage of legacy vendors as well as the overhang to valuation driven by a lack of investor confidence in the storage market give us pause. Maintain Hold."
Shares of Pure Storage closed at $13.95 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesJefferies & Co, Earnings
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