Pure Storage, Inc. (PSTG): Benefiting From The Move Towards Flash - Needham
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Needham & Company analyst, Richard Kugele, reiterated his Buy rating on shares of Pure Storage (NYSE: PSTG) after top and bottom line guidance exceeded expectations and the outlook for F3Q was consistent with the Street. The analyst believes that the market is moving toward flash solutions, leaving PSTG in the right place to drive further growth and achieve profitability.
The analyst believes a dichotomy remains in the storage market as legacy players rapidly upgrade/alter their product lines and next-gen players (such as PSTG) push the envelope of innovation and efficiency.
He suggests names like PSTG and NMBL for investors' data center infrastructure portfolio in order to capitalize on rapid growth movement toward flash and next-generation architectures.
No change to the price target of $18.
Shares of Pure Storage closed at $11.83 yesterday.
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