Needham raised the firm’s price target on Pure Storage (PSTG) to $75 from $62 and keeps a Buy rating on the shares after its Q3 earnings beat. The company announced its first design-win with a Top 4 Hyperscaler in recent weeks, which stole the show from the results and was also in line with CEO Charlie Giancarlo’s expectation for securing a design-win during the year, the analyst tells investors in a research note. Pure Storage management also anticipates meaningful revenue contribution in FY27 when the Hyperscaler shifts to double-digit Exabyte production deployments, the firm adds.
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