Why Pure Storage Analyst Is Bullish On Company's 'Strategic Innovation'

Pure Storage Inc (NYSE:PSTG) hosted its annual Accelerate event in Las Vegas, where management announced the Enterprise Data Cloud and Pure Fusion with workload automation, according to Needham.

The Pure Storage Grill Analyst: Analyst Mike Cikos reiterated a Buy rating and price target of $75.

The Pure Storage Grill Thesis: The company's Enterprise Data Cloud represents a move "from traditionally fragmented storage models to a unified, virtualized data cloud managed by a single control plane across the entire data estate," Cikos said in the note.

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Pure Fusion’s functionality has been expanded to empower admins to "manage the specific needs of each workload for greater flexibility," he added.

"We continue to view Pure Fusion as a strategic innovation for the company to deliver a Cloud-like experience to customers," the analyst wrote.

Pure Storage also announced several next-generation products that broaden the company’s addressable market with additional use cases, he further stated.

PSTG Price Action: Shares of Pure Storage had declined by 1.57% to $52.14 at the time of publication on Friday.

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