JPMorgan ‘cautiously optimistic’ into Pure Storage earnings report

JPMorgan is “cautiously optimistic” on Pure Storage going into the company’s fiscal Q3 print. While the macro environment during Q3 and into Q4 continues to be a bit choppy, it seems to be largely similar to that of Q2, especially in the U.S., with a slightly worse environment in Europe, the analyst tells investors in a research note. However, the firm says channel conversations have been largely constructive on the demand environment for Pure Storage. The firm thinks the company continues to distinguish itself from peers from a product innovation standpoint driving faster growth overall. It sees an attractive buying opportunity for long-term investors and keeps an Overweight rating on Pure Storage with a $45 price target.