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Fly News Breaks for May 22, 2019
PSTG
May 22, 2019 | 07:37 EDT
KeyBanc analyst Alex Kurtz lowered his price target for Pure Storage to $25 from $30 after the company reported a Q1 revenue miss by $6M and guided 2020 revenue lower by about $30M as it grappled with longer sales cycles for enterprise transactions and new sales capacity that is still ramping. The analyst sees an intense competitive environment from incumbents adding to the near-term industry headwind, causing him to take a more moderate outlook on the stock until he sees improved execution. Kurtz reiterates an Overweight rating on the shares.
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