- Pure Storage (PSTG +12.7%) continues to surge after fetching target upgrades from analysts on better-than-expected quarterly results coming in with upbeat guidance.
- Deutsche Bank boosted price target to $38 from $32 at Buy rating on Wednesday.
- Analysts Sidney Ho said Pure Storage meaningfully beat expectations on revenue and operating income; "it appears to be navigating well through the challenging supply chain environment, with demand to be stronger than anticipated a few months ago."
- Morgan Stanley also raised its price target to $33 from $27 as analyst Katy Huberty is "more constructive on another clean quarter."
- Following the company's Q3 report, Huberty raised her FY22 and FY23 revenue estimates by 3% and 4%, respectively, which flows through to her higher price target.
- The stock maintains a "Very Bullish" rating on Wall Street and Quant front while SA Authors have rated Pure Storage "Bullish."
- A look at the company's average price target history vs. actual price for past 1-year.
- Wedbush and Lake Street Capital raised price target to $33 and $34 from $25 and $31, respectively.
- Result Highlights: Revenue advanced 37% to nearly $563M.
- The developer of flash-data storage products gave upbeat guidance for Q4, predicting a top-line figure of $630M. Analysts were looking for a number closer to $602M.
- Full year FY22 revenue outlook is raised to $2.1B (prior: $2.04B) vs. the consensus of $2.08B.