Citi lowered the firm’s price target on Pure Storage (PSTG) to $63 from $67 and keeps a Buy rating on the shares as part of an earnings preview for the hardware group. From a fundamental perspective, overall infrastructure demand indicators excluding artificial intelligence remain mixed, the analyst tells investors in a research note. The firm says supply chain commentary suggests a broader recovery in the general purpose server market is expected to continue through 2025. However, this demand has yet to translate into meaningful demand uptick for external storage spend with recent supply chain indicating more elongated decision-making, adds Citi.
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