Pure Storage price target raised to $93, named a ‘Best Idea’ at Guggenheim

Guggenheim analyst Howard Ma raised the firm’s price target on Pure Storage to $93 from $72. Based on the firm’s ongoing due diligence, the analyst is updating assumptions for the structure and size of a potential hyperscaler design win for Pure Storage and designating the stock as the analyst’s “Best Idea.” The firm continues to believe that Pure will announce a deal worth at least $3B in aggregate value with a top four hyperscaler in coming months that consists of Pure delivering integrated hardware and software. While the firm is assuming any such deal to be over five years, it adds that a longer contract “could be much bigger.”