Oppenheimer Issues a Buy Rating on Pure Storage (PSTG)

In a report released yesterday, George Iwanyc from Oppenheimer assigned a Buy rating to Pure Storage (PSTG), with a price target of $20.00. The company’s shares closed last Wednesday at $15.26.

According to TipRanks.com, Iwanyc is a 3-star analyst with an average return of 2.3% and a 34.7% success rate. Iwanyc covers the Technology sector, focusing on stocks such as Hewlett Packard Enterprise, Ceragon Networks, and Juniper Networks.

Pure Storage has an analyst consensus of Strong Buy, with a price target consensus of $19.56, representing a 27.0% upside. In a report released yesterday, Raymond James also maintained a Buy rating on the stock.

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Based on Pure Storage’s latest earnings release for the quarter ending July 31, the company reported a quarterly revenue of $404 million and GAAP net loss of $64.97 million. In comparison, last year the company earned revenue of $396 million and had a GAAP net loss of $66.02 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.

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