Pure Storage price target lowered to $69 from $72 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Pure Storage (PSTG) to $69 from $72 and keeps an Equal Weight rating on the shares. Pure beat Q4 EPS expectations, but this is being overshadowed in the near-term by weakness on gross margins and a slowdown in RPO growth, the analyst tells investors. While the firm has an Equal Weight rating on the shares, it would be “buyers in the mid/high-$50s,” the analyst added.