Pure Storage initiated with a Neutral at Piper Sandler

Piper Sandler analyst James Fish initiated coverage of Pure Storage with a Neutral rating and $60 price target. Pure provides an all-flash-based portfolio in the IT data storage market, a space that despite being slower growth, is seeing a shift towards all-flash solutions like Pure, and a potential resurgence of spending given artificial intelligence datacenter builds, the analyst tells investors in a research note. However, with the stock’s valuation near the high-end of the historical range, Piper awaits a better entry point “for this likely AI winner.”