Oppenheimer Raises Price Target on Pure Storage, Inc. (PSTG) Following 3Q Report

December 1, 2016 10:02 AM EST
Get Alerts PSTG Hot Sheet
Price: $11.85 +0.34%

Rating Summary:
    14 Buy, 9 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 6 | Down: 10 | New: 6
Trade PSTG Now!
Join SI Premium – FREE

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."

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

Ittai Kidron, Earnings

Add Your Comment