Needham & Company Reiterates Buy on Pure Storage, Inc. (PSTG) Following 1Q Beat

Needham & Company reiterated a Buy rating and $18.00 price target on Pure Storage (NYSE: PSTG) following the company's 1Q earnings report. Pure reported results of $139.9M in revenue and -$0.22 in non-GAAP EPS, vs. consensus of $138MM/-$0.23.

Analyst Richard Kugele commented, "In our view, the market continues to move to next-gen players, like PSTG and NMBL. Investors should take away from the F1Q earnings call that PSTG exceeded its guidance range once again, with 89% topline y/y growth, a > $600M annual revenue run rate, GM over 67% (nearly 70% on product) and that they remain on track to achieve sustained positive cash flow in 2HC17. We reiterate our Buy and $18 target as we recommend next-gen players as a core holding for exposure to the future of data centers."

For an analyst ratings summary and ratings history on Pure Storage click here. For more ratings news on Pure Storage click here.

Shares of Pure Storage closed at $14.72 yesterday.

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