Pure Storage initiated with an Outperform at Oppenheimer

Oppenheimer analyst Param Singh initiated coverage of Pure Storage (PSTG) with an Outperform rating and $70 price target The firm says its bullish stance is predicated upon the view that Pure Storage is a beneficiary of rising creation and storage of unstructured data that is used to build and deliver artificial intelligence applications. The company is a long-term share gainer in the all-flash array market, where it has a technological advantage, the analyst tells investors in a research note. Opco believes these drivers will result in strong new customer additions, existing customer expansion activity, and continued operating margin improvement.