Oppenheimer Raises Price Target on Pure Storage, Inc. (PSTG) Following 3Q Report
- Wall Street falls as investors ready for Trump's inauguration
- IBM (IBM) Tops Q4 EPS by 13c, FY17 EPS Guidance Beats Consensus
- American Express (AXP) Misses Q4 EPS by 7c, FY17 EPS Guidance Tops Views at Mid-Poinit
- Skyworks Solutions (SWKS) Tops Q1 EPS by 3c, Offers Q2 Guidance, Announces Buyback
- After-Hours Stock Movers 01/19: (SWKS) (QRVO) (NVAX) Higher; (AFMD) (SGYP) (IBM) Lower (more...)
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
Oppenheimer reiterated an Outperform rating on Pure Storage, Inc. (NYSE: PSTG), and raised the price target to $17.00 (from $15.00), following the company's 3Q earnings report. Pure reported results of $197.0M/loss of $0.10/sh easily topping the Street's $192.2M/loss of $0.15/sh target. Management's 4Q-FY17 guidance compares favorably with consensus ($219-227M vs. $221.0M) and suggests continued leverage gains (OM range of (9%)-(5%) vs. (9.7%).
Analyst Ittai Kidron commented, "Pure delivered another strong quarter ahead of expectations and avoiding the headwinds hitting legacy storage vendors. Customer additions were solid, expansion with larger customer continued, international growth was healthy, and product demand/interest for both its core //m series and new FlashBlade product was good. Management's strong execution is not only driving strong sales, but it is also delivering encouraging operating margin improvement. Positively, Pure also reiterated its goal for reaching sustained positive free cash flow in 2H-CY17. We're positive on Pure's positioning and continue to believe it's yet to fully benefit from new product expansion opportunities, especially FlashBlade which is on-track for general availability this quarter (and a key FY18 driver). Maintain Outperform raising PT to $17 from $15."
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
- Goldman Sachs (GS) PT Raised to $256.00 at Oppenheimer Following 4Q Report
- IBM (IBM) PT Raised to $144 at Barclays, Says Funamentals Starting To Stablize In Midst Of Persistent Headwinds
- Netflix (NFLX) PT Raised to $165.00 at Oppenheimer
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesIttai Kidron, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!