Pure Storage price target raised to $80 from $70 at Lake Street

Lake Street raised the firm’s price target on Pure Storage (PSTG) to $80 from $70 and keeps a Buy rating on the shares. Broad-based outperformance across the product portfolio in Q2 drove “the third consecutive quarter of revenue acceleration,” says the analyst, who adds that the company’s guidance anticipating 15.5% growth in the second half is “all the more impressive.” Pure’s guidance for revenue acceleration “served as a wake-up call for those (ourselves included) expecting the company would likely struggle to sustain mid-teens revenue growth,” the analyst added.