PSTG - Why Pure Storage Stock Popped on Thursday
2024-01-18 14:18:44 ET
Shares of data storage software and hardware company Pure Storage (NYSE: PSTG) got a nice 4% bump (as of 1:40 p.m. ET) on Thursday, after investment bank KeyBanc raised its price target on the shares by 7.5%, to $43 a share.
The banker maintained its overweight rating on the stock, as The Fly confirmed today.
Now, don't get too excited about this news. KeyBanc made it clear in its note that it was raising Pure Storage's valuation mostly because the market is valuing software-as-a-service (SaaS) companies in general more highly today -- not because of anything Pure Storage itself has done.
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Why Pure Storage Stock Popped on Thursday