Pure Storage (PSTG) PT Raised to $79 at KeyBanc

KeyBanc analyst Steve Enders raised the price target on Pure Storage (NYSE: PSTG) to $79.00 (from $64.00) while maintaining a Overweight rating.

The analyst commented, "We discuss with investors often that these are two distinct catalysts for Pure in addition to its continued model transition to a recurring services-based model. Pure discussed an uptick in the quantity and quality of discussions with hyperscalers in F1Q25 regarding HDD-replacement with discussions turning to testing and commercial discussions. We’ve often written Pure is an indirect beneficiary of AI regarding Pure Fusion and virtualized storage across its Purity platform. More directly it appears this has upticked as well this quarter announcing a win with an MSP focused on high-performance computing as well as other opportunities with GPU infrastructure providers. We view this as meaningful provided the unique technology (single-code-based software platform) and size of the opportunity (80-90% of nearline storage at hyperscalers is still on HDD) informing our increased EV/S multiple for this business."

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