Needham analyst Mike Cikos maintained a Buy rating on Pure Storage today and set a price target of $100.00.
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Mike Cikos has given his Buy rating due to a combination of factors that highlight Pure Storage’s strategic advancements and market positioning. The company has recently expanded its Enterprise Data Cloud, which enhances its offerings in the cloud storage space, a move that is likely to attract more enterprise customers. Additionally, Pure Storage is strengthening its cybersecurity capabilities through both internal development and collaborations with key partners like CrowdStrike and Veeam, which positions it well to address growing security concerns in data management.
Moreover, Pure Storage is effectively targeting four key markets: Core Enterprise, On-Cloud/Cloud-Native, Scale-AI (Neo-Clouds), and Hyperscalers. This strategic focus allows the company to cater to a broad range of customer needs and capitalize on emerging trends in data storage and management. As a result of these initiatives and market opportunities, Mike Cikos has increased the price target for Pure Storage to $100, reflecting confidence in the company’s growth potential and market strategy.
Cikos covers the Technology sector, focusing on stocks such as Palo Alto Networks, Varonis Systems, and Pure Storage. According to TipRanks, Cikos has an average return of 14.1% and a 58.59% success rate on recommended stocks.