PSTG - Why Pure Storage Stock Is Sinking Today
2024-07-02 14:21:42 ET
Pure Storage (NYSE: PSTG) stock is slipping in Tuesday's trading. The company's share price was down 4.2% as of 1:15 p.m. ET, according to data from S&P Global Market Intelligence .
The sell-off on Pure Storage stock follows bearish coverage from a financial analysis firm. Before the market opened this morning, UBS published a research note downgrading its rating on Pure Storage from neutral to sell. Interestingly, UBS actually raised its price target for Pure Storage shares, but the stock is still losing ground due to the context of the coverage and the valuation concerns expressed.
In its note, UBS raised its one-year price target on Pure Storage from $44 per share to $47 per share. But even with the price-target increase, the firm's forecast still suggests downside of roughly 25% for Pure Storage stock. UBS' chief analyst on the stock pointed to decelerating growth and market share pressures as key reasons for shifting to a bearish position on Pure Storage.
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Why Pure Storage Stock Is Sinking Today