Pure Storage's fiscal Q3 revenue miss and weaker guidance were "clearly a disappointment and masked some of the positive momentum," Barclays analyst Tim Long tells investors in a post-earnings research note. He lowered his price target for the shares to $19 from $21 but keeps an Overweight rating on the name. The weaker demand environment and worse competitive pricing dynamics led to a $40M reduction in the fiscal 2020 outlook, explains the analyst. However, Long believes the pressure is secular, and he remains positive given Pure Storage's outperformance in storage and "discounted valuation."