Pure Storage price target raised to $75 from $60 at JPMorgan

JPMorgan analyst Pinjalim Bora raised the firm’s price target on Pure Storage (PSTG) to $75 from $60 and keeps an Overweight rating on the shares. The company delivered a “robust” quarter with Q3 results landing above expectations, the analyst tells investors in a research note. The firm says the main highlight of the earnings call was the company signing a design win with a top four hyperscaler. This means the hyperscaler will utilize Pure’s technology for all online storage needs, and that all future data centers for this hyperscaler are now approved to use Pure’s technology as the standard for data storage, underscoring the company’s “strong differentiation in the market,” contends JPMorgan.