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Fly News Breaks for May 22, 2018
PSTG
May 22, 2018 | 08:22 EDT
Morgan Stanley analyst Katy Huberty said a strong spending environment, stable win rates, and expanding market opportunity in AI use cases helped Pure Storage beat expectations in the first quarter, which she further notes was the company's third quarter in a row of year-over-year operating income improvement. While she is raising her revenue estimates slightly to reflect the beat and raised her price target on Pure shares to $21 from $19, Huberty thinks the lack of guidance upside relative to consensus likely keeps the stock range-bound in the near-term and she keeps an Equal Weight rating on the stock.
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