Lake Street analyst Eric Martinuzzi pointed to two reasons that Pure Storage gave Q3 and FY20 guidance that was below expectations, namely that NAND flash memory component cost declined faster than anticipated and that the company believes it prudent to take into account competitor commentary regarding macro softness, even though Pure was not hurt by macro weakness in Q2. While "the lower revenue outlook is understandable, this is the second downward revision in as many quarters," stated Martinuzzi, who lowered his price target on Pure Storage shares to $19 from $22 but keeps a Buy rating on the stock.