Pure Storage price target raised to $65 from $60 at Stifel

Stifel raised the firm’s price target on Pure Storage (PSTG) to $65 from $60 and keeps a Hold rating on the shares after the company reported a “strong” Q3, driven by better-than-expected product sales and continued strength in subscriptions. The “big news, though no surprise,” was Pure’s first hyperscaler design win, in which the company will provide its all-flash storage and software offerings, replacing traditional hard-disk storage, adds the analyst, who notes that Pure did not disclose the size of the deal, though it is expected to be a “meaningful” contributor in FY27.