Citigroup Analyst Sets $65 Price Target for Pure Storage Stock with 23% Upside Potential
Market Professional Sees Potential Upside for Pure Storage Stock
One market professional said AI and related functionalities will drive demand for the company's services. One highly specialized tech stock that is attracting plenty of attention from investors lately is the aptly named Pure Storage (NYSE: PSTG). In a world awash in data, larger and faster storage systems are a necessity, not a want, for many clients. Pure Storage is on the cutting edge of that segment.
Analyst Initiates Coverage with Positive Outlook
In mid-March, Citigroup analyst Asiya Merchant launched her bank's coverage of Pure Storage with a buy recommendation and a $65 price target. With the company focusing on all-flash storage, she sees growth opportunities through AI and ML functionalities driving demand in the flash memory service sector.
Valuation Concerns vs. Growth Potential
Despite optimistic growth projections, concerns arise regarding the stock's valuation as the company guides for double-digit improvements in revenue and operating income. Investors are urged to assess the current price against the growth narrative presented by Pure Storage.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.