Pure Storage (PSTG) PT Raised to $30 at KeyBanc Following 2Q
KeyBanc analyst Alex Kurtz raised the price target on Pure Storage (NYSE: PSTG) to $30.00 (from $29.00) while maintaining a Overweight rating following the company's 2Q earnings report. Pure Storage reported better-than-expected results with revenue of $308.9M, vs. consensus of $301.3M.
Pure raised FY19 revenue guidance by $25M and both gross and EBIT margin guidance by 150 bps, demonstrating product and business momentum. KeyBanc raised FY19 estimates accordingly including revenue growth of 31% y/y in F3Q19 and 33% y/y in F4Q19.