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."

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 $13.95 yesterday.

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