Citi initiated coverage of Pure Storage with a Buy rating and $65 price target. With 100% of its portfolio based on all-flash, Pure participates in the highest-growth sub-segment of external storage, the analyst tells investors in a research note. The firm says the shares have been impacted recently by a technical blog suggesting Meta is shifting away from external solutions like Pure’s that were incorporated in prior research clusters. However, Citi believes Pure’s cost advantages and recent artificial intelligence-related wins position it favorably.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on PSTG:
- #SocialStocks: House passes bill to ban TikTok
- Pure Storage put volume heavy and directionally bearish
- Pure Storage, SGH lower after Wedbush discusses Meta’s new AI clusters
- Wedbush says Penguin/SGH not mentioned in Meta’s GenAI GPU clusters presentation
- Meta seeming to move from third-party Pure Storage hardware for AI, says Wedbush