Goldman Sachs Reiterates Buy Rating on Pure Storage (PSTG) Following Tech Conference

Goldman Sachs analyst Rod Hall reiterated a Buy rating and $44.00 price target on Pure Storage (NYSE: PSTG) after CEO Charlie Giancarlo and CFO Kevan Krysler presented at the GS Communacopia + Technology Conference.

The analyst noted, "Management remained positive on demand and noted that they have good visibility for H2. In spite of seeing a slowdown in decision-making at some customers last quarter, Pure noted that there was no demand destruction with deals closing eventually. On the extent of Pure's involvement with Meta, management noted that they are also involved in conversations outside of Meta's publicly announced RSC project. Management sounded optimistic on more hyperscale deployments citing the performance and efficiency improvements that Pure's FlashArray//C and the new FlashBlade//S products bring to customers. Finally, the company talked about its focus on making in-roads with larger enterprises given the large TAM."

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 $30.81 yesterday.

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