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Pure Storage Positioned to Capitalize on AI-Driven Market, KeyBanc Analyst Predicts

By Don Francis, Editor
February 10, 2024 9:43 AM UTC
Pure Storage Positioned to Capitalize on AI-Driven Market, KeyBanc Analyst Predicts

KeyBanc's Thomas Blakey raised their price target on Pure Storage (NYSE: PSTG) by 8.5% from $47 to $51 on 2024/02/09. The analyst maintained their Strong Buy rating on the stock.

Ahead of the 2024/02/28 release of Pure Storage's Q4 and FY 2024 earnings report, Blakey said the company "is outperforming major indices primarily because of unique company drivers, and the name has an indirect play on the driving theme in AI."

This positive outlook from Blakey reflects their belief that Pure Storage is well-positioned to benefit from the growing demand for storage solutions in the technology industry, particularly in the field of artificial intelligence (AI). Pure Storage offers a range of storage products, including capacity storage, NVME storage, entry-level storage, and file and object storage. These products are used by various industries, such as cloud-based software and service providers, education, financial services, healthcare, manufacturing, and telecommunications.

The analyst's decision to raise the price target on Pure Storage comes after making similar changes to other companies in their portfolio. Cloudflare Inc saw its price target increase by 40.4%, from $94 to $132, while Nutanix Inc's price target was raised by 13.3%, from $60 to $68. Blakey maintained their Strong Buy rating on both stocks.

Currently, 83.3% of top-rated analysts recommend Pure Storage as a Strong Buy or Buy, with 16.7% suggesting a Hold rating. No analysts are recommending selling the stock. This positive sentiment from analysts reflects the company's strong performance, with Pure Storage's stock up 44.7% year-over-year. In comparison, the S&P 500 has risen by 23.2% during the same period.

It is worth noting that Thomas Blakey is ranked in the top 9% of Wall Street analysts by WallStreetZen, out of a total of 4,470 analysts. With an average return of 10.7% and a 64.4% win rate, Blakey specializes in the Technology and Communication Services sectors. This expertise likely contributes to their bullish outlook on Pure Storage and other companies in the tech industry.

What is the average price target for PSTG?

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