Pure Storage (PSTG) PT Raised to $28 at FBN Securities

FBN Securities analyst Shebly Seyrafi raised the price target on Pure Storage (NYSE: PSTG) to $28.00 (from $26.00) while maintaining an Outperform rating.

Seyrafi commented, "The company reported a FQ2/July revenue beat driven by strong growth in both product (+34% Y/Y) and support (+51% Y/Y) revenue, helping drive overall revenue growth of 37% Y/Y. NG EPS of $.01 beat consensus of -$.06 not only due to the revenue beat but also due to the strongest beat in GM% in years as NG GM% of 68.0% beat the high-end of guidance by 1.5pp as both product and support GM% beat expectations."

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