Pure Storage: Citigroup Raises PT to $70 from $65, Maintains Buy Rating

Pure Storage: Citigroup Raises PT to $70 from $65, Maintains Buy Rating

Citigroup has increased its price target for Pure Storage (PSTG) to $70, up from the previous $65, while maintaining a "buy" rating on the stock. The investment bank's analysts highlighted the company's strong earnings growth and potential for future expansion in high-density markets as key drivers behind the upward revision.

Pure Storage recently reported an 11% increase in revenue and a 32% jump in earnings per share over the past year. The company's collaboration with SK hynix on joint QLC flash storage development is expected to support its efforts to offset margin risks and drive growth in data-intensive hyperscaler environments [1].

Institutional investors have also shown confidence in Pure Storage's prospects. Intrust Bank NA, McIlrath & Eck LLC, MassMutual Private Wealth & Trust FSB, FNY Investment Advisers LLC, TruNorth Capital Management LLC, and Nisa Investment Advisors LLC have all recently increased their positions in the company's stock, with FNY Investment Advisers LLC raising its holding by 5,233.3% in the first quarter [2].

Despite the positive developments, Pure Storage faces challenges such as fluctuating NAND prices and the critical short-term catalyst of expanding major hyperscaler deployments. The company's ability to balance margin resilience and top-line expansion will be crucial for its future performance.

Pure Storage is scheduled to release its second quarter fiscal 2026 earnings call on August 27, 2025, and will offer further insights at its Product & Technology-Focused Meeting for analysts during Pure//Accelerate NYC in late September. Investors are encouraged to stay tuned for these updates to gain a clearer picture of the company's future direction.

References:
[1] https://simplywall.st/stocks/us/tech/nyse-pstg/pure-storage/news/how-investors-may-respond-to-pure-storage-pstg-earnings-surg
[2] https://www.marketbeat.com/instant-alerts/filing-intrust-bank-na-takes-position-in-pure-storage-inc-nysepstg-2025-08-08/