Needham & Company Reiterates Buy on Pure Storage, Inc. (PSTG) Following 1Q Beat
Needham & Company reiterated a Buy rating and $18.00 price target on Pure Storage (NYSE: PSTG) following the company's 1Q earnings report. Pure reported results of $139.9M in revenue and -$0.22 in non-GAAP EPS, vs. consensus of $138MM/-$0.23.
Analyst Richard Kugele commented, "In our view, the market continues to move to next-gen players, like PSTG and NMBL. Investors should take away from the F1Q earnings call that PSTG exceeded its guidance range once again, with 89% topline y/y growth, a > $600M annual revenue run rate, GM over 67% (nearly 70% on product) and that they remain on track to achieve sustained positive cash flow in 2HC17. We reiterate our Buy and $18 target as we recommend next-gen players as a core holding for exposure to the future of data centers."
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Shares of Pure Storage closed at $14.72 yesterday.