UBS Reiterates Buy on Pure Storage, Inc. (PSTG) Following 2Q Report
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UBS reiterated a Buy rating and $16.00 price target on Pure Storage (NYSE: PSTG) following the company's 2Q earnings report. PSTG reported a revenue beat of $163mn vs the Street's $155mn estimate.
Analyst Steven Milunovich commented, "Despite concern about the quarter that sent the stock down last Friday, Pure outperformed with revenue of $163mn vs the consensus $155mn estimate and a narrower loss of $0.13 vs $0.23. EPS mostly beat due to higher revenue but a push out of expenses to the next quarter contributed. Guidance was in line with expectations. We recommend the stock with Pure in the sweet spot of the storage market and executing well on its goal of becoming cash flow positive in F2H/17. It is an uphill battle to create an independent storage company, but we are optimistic for now."
Shares of Pure Storage closed at $11.83 yesterday.
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