BTIG analyst Edward Parker lowered his price target on Pure Storage to $20, saying that while the company beat expectations on Q2 earnings, it also lowered its FY20 revenue outlook for the second consecutive quarter. The analyst notes that the management is citing a bigger than expected decline in NAND pricing, even though it expects a rebound to come in 2020. Parker still keeps his Buy rating on Pure Storage longer term, stating that the company's buyback program provides evidence of strong fundamentals and adding that he is "encouraged" by its "structural gross margin leadership."