UBS Raises price Target on Pure Storage, Inc. (PSTG) to $17 Following 3Q
UBS reiterated a Buy rating on Pure Storage, Inc. (NYSE: PSTG), and raised the price target to $17.00 (from $16.00), following the company's 3Q earnings report. Revenue rose by 50% YoY and 21% sequentially as the customer base now exceeds 2,600, including more than 100 of the Fortune 500. PSTG reported a non-GAAP EPS loss of $0.10 ahead of the Street's $0.15.
Analyst Steven Milunovich commented, "Pure Storage reported another strong quarter with revenue of $197mn vs the consensus of $192mn with a non-GAAP EPS loss of $0.10 ahead of the Street's $0.15. Guidance also was a bit ahead of consensus. Although we had concerns after the IPO, increasing all-flash array demand, an increase in TAM with FlashBlade, improved expense control, and the stock's decline cause us to be more bullish now. With nearly 50% top-line growth possible for a number of quarters, we continue to see upside."
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Shares of Pure Storage closed at $13.95 yesterday.