Pure Storage price target lowered to $40 from $69 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Pure Storage (PSTG) to $40 from $69 and keeps an Equal Weight rating on the shares. Tariffs add more uncertainty into the networking spending market, where demand intentions were “strong, but weakening,” the analyst tells investors. The breadth of the tariffs announced on April 2 “leave little room to hide,” challenging margins, demand or both, the analyst added in a note on the telecom and networking equipment group.