Pure Storage plunges after Q3 results; JP Morgan and Citi cut PT

Everpure

03/12/2025 14:19

** Shares of data storage company Pure Storage PSTG.N fall 15.3% at $80.49 premarket

** Citi and J.P. Morgan both cut PT to $105 from $110 after Q3 results

** Susquehanna downgrades stock to "neutral" from "positive"

** Co's Q3 net income falls to $54 million, down from $63.64 million a year ago

** JPM says that to participate in growth opportunities with hyperscalers, co is willing to engage in revenue models beyond royalties, which could drive a trade-off between revenue growth vis-à-vis gross margins in FY27

** 14 of 21 brokerages rate the stock "buy" or higher, 6 "hold" and 1 "sell"; their median PT is $100 - LSEG data

** As of last close, PSTG up 54.2% YTD

 (Reporting by Utkarsh Tushar Hathi)

 ((utkarshtushar.hathi@thomsonreuters.com))