Raymond James Upgrades Pure Storage (PSTG) to Outperform

October 16, 2019 4:54 AM EDT
Get Alerts PSTG Hot Sheet
Price: $19.68 -0.56%

Rating Summary:
    28 Buy, 5 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 12 | New: 23
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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."

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 $17.65 yesterday.

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