Morgan Stanley analyst Meta Marshall lowered the firm’s price target on Pure Storage to $34 from $37 and keeps an Overweight rating on the shares. The firm still views Pure as a "best-in-class name" with potential for continued share gains as flash/disk cost points intersect, but Pure "can’t outrun macro" and there was a deterioration in the firm’s outlook due to macro factors. FlashBlade //E adds to secular tailwinds, but the company will need to prove out an "ability to sell in all environments," the firm added.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on PSTG:
- Pure Storage price target lowered to $37 from $42 at Barclays
- Pure Storage sees FY24 revenue growth in mid- to high-single digits
- Pure Storage reports Q4 non-GAAP EPS 53c, consensus 39c
- Pure Storage Announces Fiscal Fourth Quarter and Full Year 2023 Financial Results
- Pure Storage options imply 8.6% move in share price post-earnings
