Why Pure Storage Analyst Is Bullish On Company's 'Strategic Innovation'

Pure Storage Inc PSTG hosted its annual Accelerate event in Las Vegas, where management announced the Enterprise Data Cloud and Pure Fusion with workload automation, according to Needham.

The Pure Storage Grill Analyst: Analyst Mike Cikos reiterated a Buy rating and price target of $75.

The Pure Storage Grill Thesis: The company's Enterprise Data Cloud represents a move "from traditionally fragmented storage models to a unified, virtualized data cloud managed by a single control plane across the entire data estate," Cikos said in the note.

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Pure Fusion’s functionality has been expanded to empower admins to "manage the specific needs of each workload for greater flexibility," he added.

"We continue to view Pure Fusion as a strategic innovation for the company to deliver a Cloud-like experience to customers," the analyst wrote.

Pure Storage also announced several next-generation products that broaden the company’s addressable market with additional use cases, he further stated.

PSTG Price Action: Shares of Pure Storage had declined by 1.57% to $52.14 at the time of publication on Friday.

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