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Fly News Breaks for November 20, 2018
PSTG
Nov 20, 2018 | 06:15 EDT
Piper Jaffray analyst Andrew Nowinski lowered his price target for Pure Storage to $25 on concerns that Street estimates for fiscal 2020 "could prove to be too aggressive." The analyst, however, views the company's Q3 results as "solid" and reiterates an Overweight rating on the shares. He attributes the 6% post-earnings share rally to the new cloud data services. These software services will run in Amazon Web Services and now enable the company to support a hybrid environment, Nowinski tells investors in a post-earnings research note. He calls this is a "game-changer" for Pure Storage, saying it makes the company more software-centric and provides "more valuation support."
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