Guggenheim starts Pure Storage with a Buy on market share potential

As previously reported, Guggenheim initiated coverage of Pure Storage (PSTG) with a Buy rating and $48 price target. The analyst sees a path to 20%, or even 50%, revenue share, which would imply $10B, or 3.5 times incremental revenue, the analyst tells investors. If Pure doubles its share in the primary storage market to 20% as the number two player after Dell EMC (DELL), this would equate to $2B, or 70% incremental revenue, the analyst added.