Raymond James Upgrades Pure Storage (PSTG) to Outperform
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(Updated - October 16, 2019 7:17 AM EDT)
(updated to add comment)
Raymond James analyst Simon Leopold upgraded Pure Storage (NYSE: PSTG) from Market Perform to Outperform with a price target of $22.00.
The analyst comments "We are upgrading our rating on Pure Storage to Outperform from Market Perform based on short- and long-term factors. Our recent VAR/Distributor checks have reflected positive sentiment suggesting Pure can exceed current Street estimates. Also, we have gained a greater appreciation for the market expansion offered by the new FlashArray//C. While we still envision recession and competitive risks, we have increased estimates and see Pure's shares as attractive and establish a $22 target."
Shares of Pure Storage closed at $17.65 yesterday.
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