JPMorgan analyst Pinjalim Bora says that while Pure Storage's revenue underperformance in Q1 and lower annual revenue guidance is disappointing, several points indicate the fundamental strength of the business is intact. Pure indicated that the core of the business, spanning across Commercial, Cloud and Public Sector, grew 30% year-over-year, and deferred revenue accelerated to 45% year-over-year growth, Bora tells investors in a post-earnings research note. As such, the analyst does not see any fundamental issue with the business or the demand environment, "as the valuation might suggest." He maintains an Overweight rating on Pure Storage with a $30 price target.