Pure Storage, Inc. (PSTG): Raising PT On Revenue and Margin Upside - BMO
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BMO Capital analyst, Tim Long, reiterated his Market Perform rating on Pure Storage (NYSE: PSTG) after the company reported a very solid quarter, with strong guidance, somewhat reversing the disappointment from last quarter.
Revenues beat, and operating loss was better than expected. Pure beat revenue expectations by 5%, and guidance was in line with the Street, but up meaningfully q/q. The analyst stated "Pure continues to benefit from the rapid industry move to all-flash arrays. We are modeling 63% revenue growth in FY 2017 and 43% in FY 2018. The company is still about two years away from profitability, but free cash flow is still expected to turn positive in the second half of next fiscal year."
The price target increases to $14 from $13.
Shares of Pure Storage closed at $11.83 yesterday.
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