KeyBanc Maintains Their Buy Rating on Pure Storage Inc (PSTG)

In a report released today, Alex Kurtz from KeyBanc maintained a Buy rating on Pure Storage Inc (PSTG), with a price target of $22. The company’s shares closed last Monday at $13.87, close to its 52-week low of $12.68.

According to TipRanks.com, Kurtz is a 5-star analyst with an average return of 12.1% and a 60.7% success rate. Kurtz covers the Technology sector, focusing on stocks such as Pivotal Software Inc, Nutanix Inc, and Atlassian.

Pure Storage Inc has an analyst consensus of Moderate Buy, with a price target consensus of $19.75, a 42.8% upside from current levels. In a report issued on August 7, Barclays also resumed coverage with a Buy rating on the stock with a $18 price target.

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Based on Pure Storage Inc’s latest earnings release for the quarter ending April 30, the company reported a quarterly GAAP net loss of $100 million. In comparison, last year the company had a GAAP net loss of $60.12 million.

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Pure Storage, Inc. engages in the provision of flash-based storage solutions. Its technology replaces storage systems designed for mechanical disk with all-flash systems optimized end-to-end for solid-state memory. The company was founded by John Hayes and John Colgrove in October 2009 and is headquartered in Mountain View, CA.