Pure Storage (PSTG) PT Raised to $22 at BMO Capital Following 3Q Release

BMO Capital raised its price target on Pure Storage (NYSE: PSTG) to $22.00 (from $16.00) while maintaining a Outperform rating following the company's 3Q earnings report. PSTG reported Sales of $278M, above the consensus estimates of $272M on growth of 41% y/y. EPS of ($0.01) beat consensus estimates of ($0.03).

F4Q revenue guidance of $327M-335M was largely consistent with expectations. Management’s gross margin outlook of 63.5-66.5% was 70 bps below estimates at the midpoint, but likely conservative.

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