Pure Storage, Inc. (PSTG): Cautious Into Earnings - Baird
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Baird analyst, Jayson, Noland, reiterated his Neutral rating on shares of Pure Storage (NYSE: PSTG) heading into the earnings release. He is cautious on shares of PSTG and expects to see some evidence of competitive pressure in revenue or gross margin in the near term.
NetApp (NASDAQL NTAP) is clearly showing AFA momentum and checks say it’s sustainable. The company has a migration advantage within its legacy 7 install base plus feature/functionality mobility. NetApp is also successfully using contractual guarantees that address performance and footprint. The analyst is hearing good things about All-Flash 3PAR from HP and he expects Dell to get incrementally aggressive with EMC once the deal closes.
No change to the price target of $12.
Shares of Pure Storage closed at $11.66 yesterday.
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