Pure Storage upgraded to Overweight from Neutral at Piper Sandler

Piper Sandler upgraded Pure Storage (PSTG) to Overweight from Neutral with a price target of $76, up from $56. The company’s fiscal Q3 results were better than expected given traditional sales, but lead metrics struggled, the analyst tells investors in a research note. However, the firm says Pure Storage’s “significant” design win with a top-four cloud hyperscaler “removes risk and creates a catalyst for upside ahead.” The opportunity with the hyperscaler alone represents a $500M opportunity in 2026, and more hyperscalers could be coming, contends Piper.