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

Lake Street raised the firm’s price target on Pure Storage (PSTG) to $70 from $68 and keeps a Buy rating on the shares. Pure’s Q3 print will be remembered less for the “good” quarter and the “mixed” guidance and more for the confirmation of a design win with a top four hyperscaler, though the company did not give the name of the customer, the analyst tells investors. The firm, which says its price target is raised on “a more bullish growth forecast and a higher multiple,” also notes that Pure remains in discussions with other top ten hyperscalers.