Why Analysts See 18% - 38% Upside In Pure Storage Post Analyst Day Meet?

Analysts lauded Pure Storage Inc (NYSE:PSTG) with higher price targets following the analyst day and product launch event.
Raymond James analyst Simon Leopold raised the PT to $35 from $31, implying a 38.5% upside, and reiterated a Strong Buy.
The company offered an "encouraging" sales growth outlook that implied long-term growth approaching 20%, coupled with increasing recurring revenue, Leopold noted.
Keybanc analyst Steve Enders maintained an Overweight and raised the PT to $30 from $28, indicating an 18.6% upside.
Stifel analyst Matthew Sheerin raised the PT to $30 from $28 and maintained a Buy believing in its best-in-class hardware offerings and expanding software and services portfolio.
Deutsche Bank analyst Sidney Ho raised the PT to $32 from $29, indicating a 26.5% upside, and affirmed a Buy, betting on growth opportunity, profitability, and the mix shift towards subscription services.
BofA analyst Wamsi Mohan raised the PT to $32 from $28 and kept a Buy.
Price Action: PSTG shares closed lower by 3.25% at $25.28 on Wednesday.

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