Pure Storage price target lowered to $68 from $70 at Lake Street

Lake Street lowered the firm’s price target on Pure Storage to $68 from $70 and keeps a Buy rating on the shares. The second quarter “brought clouds” in the form of slower cycles for a handful of large enterprise storage-as-a-service, or STaaS, subscription deals and Pure lowered its FY25 TCV “to be sold” to $500M, down from its prior $600M estimate, as a result, notes the firm, which notes that its lowered price target flows from a slightly lower multiple as a result of higher second half execution risk.