Pure Storage initiated with a Buy at Citi

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.