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Fly News Breaks for May 22, 2019
PSTG
May 22, 2019 | 06:12 EDT
Piper Jaffray analyst Andrew Nowinski lowered his price target for Pure Storage to $20 from $25 citing the company's "weak" Q1 results and reduced fiscal 2020 outlook. Management attributed the miss to elongated sales cycles in the enterprise space and sales execution issues, Nowinski tells investors in a research note. However, the analyst says that despite the weak results, Pure Storage is still generating "healthy" growth well above peers and that its execution issues are fixable. As a result, he reiterates an Overweight rating on the shares.
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