Raymond James Upgrades Pure Storage (PSTG) to Strong Buy
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Raymond James analyst Simon Leopold upgraded Pure Storage (NYSE: PSTG) from Outperform to Strong Buy with a price target of $30.00.
The analyst comments "We upgrade Pure Storage to Strong Buy rating (from Outperform) following fundamental checks and trading analysis. Shares have suffered from unfavorable trading flows, in part a victim of the value rotation from growth. Pure generates cash, which should separate it from the crowd. We remain optimistic that the lower priced FlashArray//C, FlashBlade and Portworx acquisition enable Pure to gain share and maintain at least mid-teens sales growth. Our target remains $30, offering over 30% upside."
Shares of Pure Storage closed at $23.04 yesterday.
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