Jefferies Raises Price Target on Pure Storage, Inc. (PSTG) Following 3Q; Reiterates Hold

December 1, 2016 9:25 AM EST
Get Alerts PSTG Hot Sheet
Price: $12.19 -1.14%

Rating Summary:
    13 Buy, 10 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 21 | Down: 36 | New: 11
Trade PSTG Now!
Join SI Premium – FREE

Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.

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."

For an analyst ratings summary and ratings history on Pure Storage click here. For more ratings news on Pure Storage click here.

Shares of Pure Storage closed at $13.95 yesterday.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In






Related Categories

Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change

Related Entities

Jefferies & Co, Earnings

Add Your Comment