Pure Storage (PSTG) PT Lowered to $33 at Morgan Stanley Over 2023 Cloud Spending Concerns

Morgan Stanley analyst Meta Marshall lowered the price target on Pure Storage (NYSE: PSTG) to $33.00 (from $35.00) while maintaining a Equalweight rating.

The analyst stated "the growth in 2022 capex (off a elevated 2021 comp as well), creates a more challenging setup for 2023, particularly in light of inventory builds (starting to see impact by certain APAC vendors), causing us to reduce our estimates. The gating factor to this analysis would be the pacing of 2022 investment given continued supply chain constraints."

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