Pure Storage price target raised to $43 from $40 at KeyBanc

KeyBanc analyst Thomas Blakey kept an Overweight rating on Pure Storage and raised the firm’s price target to $43 from $40, representing 19% upside to the current share price, due to expanded multiples, particularly SaaS multiples, in the market. The firm notes that according to its Q4 IT VAR survey and channel checks, sentiment in 2024 remains hopeful despite 2023 ending worse than expected.