Piper Sandler raised the firm’s price target on Pure Storage (PSTG) to $78 from $66 and keeps an Overweight rating on the shares. Shares were up about 15% after-hours given the 2% upside in the quarter, accelerating RPO, improved GPM that saw Product GPM move +4% quarter-over-quarter, and FY26 guide being significantly raised that suggests not just upside to estimates but also acceleration into year-end, the firm says. All of this was coupled with relatively positive commentary around the continued Meta ramp and the other ongoing cloud-engagements that act as further catalysts on the stock from here.
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