Pure Storage price target raised to $42 from $38 at Barclays

Barclays raised the firm’s price target on Pure Storage to $42 from $38 and keeps an Overweight rating on the shares. The company’s Q2 results topped expectations with gross margins and operating margins also exceeding estimates, the analyst tells investors in a research note, also noting that the FY24 operating margin outlook could be conservative as it continues to take market share. The firm adds that it expects Pure Storage Evergreen//One subscription offerings to remain strong amid the macro downturn due to labor cost savings.