PSTG - Pure Storage rises as KeyBanc boosts price target on rising estimates

Pure Storage (NYSE:PSTG) received some positive commentary from Wall Street on Monday, as investment firm KeyBanc Capital Markets raised its price target on the flash data storage company, citing the company's ability to perform well in the hybrid cloud market. Analyst Thomas Blakey, who rates Pure Storage (PSTG) overweight, raised his price target to $43 from $36, while also boosting earnings estimates. The analyst also noted the price target boost is due to increased service and support revenue, which are likely to become 50% of revenues by 2025. "Storage as a service (STaaS) and services, such as ransomware, backup, analytics, spend management, data migration, K8s support, data unification, and more, should increase storage and data management vendors’ value [proposition] in the coming years, driving growth, in our view," Blakey wrote in a note to clients. Pure Storage (PSTG) shares rose slightly more than 1% to $36.24 in premarket trading on Monday. In

For further details see:

Pure Storage rises as KeyBanc boosts price target on rising estimates