BofA raised the firm’s price target on Pure Storage (PSTG) to $95 from $80 and keeps a Neutral rating on the shares. After having attended Pure Accelerate NYC, the firm came away “encouraged” by the company’s position in the enterprise storage market, differentiated technology, and the long-term prospects of breaking into the hyperscale data center storage market, the analyst tells investors. Following the event, the firm leaves its estimates unchanged, but uses a higher EV to sales multiple as AI is increasing storage demands.
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Read More on PSTG:
- Pure Storage price target raised to $100 from $80 at Wells Fargo
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