Pure Storage (PSTG) PT Raised to $85 at Needham

Needham analyst Mike Cikos raised the price target on Pure Storage (NYSE: PSTG) to $85.00 (from $75.00) while maintaining a Buy rating.

The analyst comments "Pure Storage delivered stronger-than-expected 2QFY26 results, handily beating the consensus Revenue estimate and raising the full-year Revenue outlook based on confidence in leading indicators like RPO, which grew 22% yr-yr. Accelerating momentum in Evergreen//One, Cloud Block Store, and Portworx is driving broad-based strength across the product portfolio, highlighted by large customers modernizing virtualization deployments and Storage-as-a-Service TCV Sales increasing 24% yr-yr to $125 Million. Meta initiated the first volume deployment during the quarter as plans remain on track, making Pure Storage "increasingly confident" in the target of shipping 1-2 Exabytes or more in FY26. We remain Buy-rated and raise our Price Target to $85 as Pure Storage now anticipates stronger FY26 growth ahead of production shipments to Meta in FY27."

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