Stifel downgraded Pure Storage to Hold from Buy with an unchanged $41 price target. The stock has had a “strong run” and appreciated 28% since November 30, 2023 when it guided Q4 below consensus due to near-term headwinds from the SaaS transition, the analyst tells investors in a research note. The management has done a “credible” job of articulating the company’s mix shift and long-term opportunities in AI and hyperscale cloud, but with the stock now trading near historical highs on enterprise value to expected sales multiple of 3.7-times and price-to- forward earnings of 27.9-times, the upside looks “priced in”, the firm added.
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