Pure Storage, Inc. (PSTG): Light Data Center Penetration Leaves Plenty Of Room For Growth - Stifel
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Stifel analyst, Aaron Rakers, reiterated his Buy rating on shares of Pure Storage (NYSE: PSTG) and expects Pure's F3Q17 revenue to come in at $193M vs. the $187-$195M revenue guide when the company reports on 11/30 (AMC).
The analyst estimates that the all-Flash storage array (AFA) market grew to +$1.3B during the C3Q16, +85% y/y. HP Enterprise and NetApp recently reported ~100% and 185% y/y during their respective Oct ‘16 quarters, leaving investors focused on conservatism. Industry checks continue to highlight EMC’s decelerating XtremIO momentum as the company appears to be focused on all-Flash VMAX and VNX – a competitive positive for Pure.
No change to the price target of $20.
Shares of Pure Storage closed at $14.25 yesterday.
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