Needham & Company Starts Pure Storage (PSTG) at Buy

Needham & Company initiates coverage on Pure Storage (NYSE: PSTG) with a Buy rating and a price target of $18.00.

Analyst Richard Kugele commented, "The storage world is experiencing unprecedented levels of technological and leadership change, and we believe Pure Storage is among the vanguard instigating this wave of revolution. Today, we launch coverage of Pure Storage with a Buy and $18 price target. In PSTG, we see an opportunity for investors to benefit from: 1) all flash arrays taking greater share of primary workloads and against incumbents; 2) expanding product line to address additional workloads in the scale-out/file-based/object storage world; and 3) innovative Evergreen maintenance model rewriting customer interaction and creating “annuity” like stickiness to the model. While there will be many winners among the next-generation storage players, we believe PSTG is interesting trading 13% below its IPO price."

For an analyst ratings summary and ratings history on Pure Storage click here. For more ratings news on Pure Storage click here.

Shares of Pure Storage closed at $14.58 yesterday.

You May Also Be Interested In

• META to capture largest share of users, SNAP to benefit from ad budget shifts - Canaccord Genuity weighs in on TikTok ban
• Merck (MRK) PT Raised to $143 at Truist Securities
• TechnipFMC (FTI) PT Raised to $30 at BTIG