Pure Storage price target raised to $44 from $38 at UBS

UBS raised the firm’s price target on Pure Storage to $44 from $38 and keeps a Neutral rating on the shares. Pure Storage delivered a modest revenue beat in Q4 and an in-line FY25 revenue outlook, but the revenue composition and mix in FY24 and implied by the FY25 guidance is not as strong as the market perceives, the analyst tells investors in a research note. The firm expects Pure’s growth long-term to trend below 10% despite expectations that TCV sales for Evergreen//One should grow 50% in FY25.