Northland downgraded Pure Storage to Market Perform from Outperform with a price target of $68, up from $58. April-end quarter results were “solid on product revenue upside,” while FY25 guidance being unchanged implies subscription ARR sustains mid-20% growth, which the firm notes is slightly below its long-term subscription growth rate projection of 27.5%. The firm calls the change in rating a “valuation based downgrade.”
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