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On Monday, Evercore ISI reaffirmed its optimistic stance on Pure Storage (NYSE:PSTG), maintaining an Outperform rating and a $60.00 price target for the $15.57 billion market cap company. Currently trading at $47.60, InvestingPro analysis suggests the stock is trading above its Fair Value. The firm’s analysts highlighted Pure Storage’s robust revenue and earnings per share performance, noting that the company’s guidance for the first fiscal quarter and fiscal year 2026 aligns with market expectations.
The analysts at Evercore ISI expressed confidence in Pure Storage’s growth narrative, citing several factors that could contribute to the company’s success in fiscal year 2026. Supporting this outlook, InvestingPro data shows impressive revenue growth of 11.92% over the last twelve months, with the company maintaining a strong gross profit margin of nearly 70%. These factors include a potential improvement in the macroeconomic environment and increased adoption of Pure Storage’s //E portfolio. Additionally, the analysts anticipate that the company will face more favorable comparisons after the first fiscal quarter and may experience accelerated market share gains as the year progresses.
Another area of potential growth for Pure Storage identified by the analysts is the Evergreen//One service, which is expanding, albeit at a slower pace than initially expected. The analysts also noted that Pure Storage is poised to benefit from a major hyperscale cloud deal secured this year and is well-positioned to secure further deals with other hyperscalers in the future.
Pure Storage’s financial outlook and strategic position in the market have been reaffirmed by Evercore ISI, with expectations of growth levers that could drive the company’s performance in the upcoming fiscal year. The maintained Outperform rating and $60.00 price target reflect the firm’s continued confidence in Pure Storage’s potential to capitalize on these opportunities. Notably, analyst targets range from $40 to $93, with a consensus recommendation of 1.9 (Buy). For deeper insights into Pure Storage’s valuation and growth prospects, including 13 additional ProTips and comprehensive financial analysis, check out the detailed Pro Research Report available on InvestingPro.
In other recent news, Pure Storage has unveiled FlashBlade//EXA, a new data storage platform designed for AI and High-Performance Computing workloads. This platform is reported to achieve over 10 terabytes per second read performance, setting a new industry standard. In a collaborative move, Varonis Systems (NASDAQ:VRNS) announced a partnership with Pure Storage, integrating their data security technology to enhance cyber resilience and data protection. This partnership aims to improve the ability of organizations to safeguard critical data and quickly recover from cyber incidents.
On the financial front, UBS raised Pure Storage’s price target to $50, maintaining a Sell rating, citing subdued demand forecasts for the upcoming quarters. In contrast, Piper Sandler reaffirmed an Overweight rating with a $76 target, noting Pure Storage’s strong fourth-quarter performance and potential future opportunities. Citi analysts adjusted their price target to $77 while maintaining a Buy rating, highlighting short-term margin volatility but expressing optimism about long-term growth prospects. These developments reflect a mixed but cautiously optimistic outlook from analysts regarding Pure Storage’s future performance.
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