Needham & Company Reiterates Buy on Pure Storage, Inc. (PSTG) Following 3Q
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Needham & Company reiterated a Buy rating and $18.00 price target on Pure Storage (NYSE: PSTG) following the company's 3Q earnings report. Pure reported revenue of $197.0M and ($0.10) in non-GAAP EPS, well above consensus of $192.4M/($0.15).
Analyst Richard Kugele commented, "The collective next-gen storage/data center group (led by Pure Storage, Nimble and Nutanix) continue to display growth far ahead of the overall anemic IT spending growth rate. While another strong quarter for PSTG was expected (with more than 300 customers added and further penetration into F500), the operating margin improvement (570bps above the midpoint of guidance) was the real standout to us. We believe PSTG is well on track to driving strong growth in FY18 (with FlashBlade additive) as well as achieving FCF positive by the end of CY2017. We reiterate our Buy and $18 target based on ~4x EV/CY17E Sales."
Shares of Pure Storage closed at $13.95 yesterday.
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