Why Pure Storage Shares Are Soaring Today - Pure Storage (NYSE:PSTG)

Analysts raised their price targets on Pure Storage Inc (NYSE: PSTG) post a solid Q4 beat.
Barclays analyst Tim Long raised the firm's price target on Pure Storage to $39 from $35 (47.3% upside) and kept an Overweight rating on the shares. The company beat Q4 estimates and released better than expected guidance for fiscal 2023, Long said.
Raymond James analyst Simon Leopold maintained Pure Storage with a Strong Buy and raised the price target from $38 to $39.
Wells Fargo analyst Aaron Rakers maintained Pure Storage with an Overweight and raised the price target from $37 to $40 (51.1% upside).
Lake Street analyst Eric Martinuzzi raised the firm's price target on Pure Storage to $36 from $34 (35.95% upside) and kept a Buy rating on the shares.
He raised his estimates after the company reported fourth-quarter upside that he argues came from "good linearity, as opposed to pull-forwards or year-end budget flushes." Pure Storage's installed base drove the Q4 beat, and the pipeline entering Q1 suggests demand continues.
Price Action: PSTG shares traded higher by 16.60% at $30.90 in the market on the last check Thursday.