Wedbush upgrades Pure Storage to Outperform with $34 price target

As previously reported, Wedbush analyst Matt Bryson upgraded Pure Storage to Outperform from Neutral with a $34 price target. The firm believes the company continues to offer best in class products as illustrated by its margins. Further, management’s guidance largely derisks the forward outlook for continued macroeconomic weakness with Pure Storage’s outlook assuming a regression to well below historical growth trends arguably correcting for recent outperformance, Wedbush says. The firm also notes that valuations have regressed to levels that are attractive versus historical norms.