Pure Storage, Inc. (PSTG) is set to report third-quarter earnings after the closing bell on Tuesday, December 2, and Wall Street seems pretty optimistic about what's coming.
The Santa Clara, California-based data storage company is expected to post earnings of 58 cents per share, up from 50 cents in the same quarter last year. That's a nice 16% jump. Revenue estimates are equally impressive at $956.48 million, compared to $831.07 million a year ago, representing about 15% growth.
The company recently made a strategic move, naming Patrick Finn as chief revenue officer on November 4. Meanwhile, shares dipped slightly on Monday, falling 0.5% to close at $88.55.
What the Best Analysts Are Forecasting
Several top-rated Wall Street analysts have weighed in on Pure Storage ahead of earnings, and the consensus leans bullish. Here's what the analysts with the strongest track records have been saying:
Morgan Stanley's Erik Woodring, who boasts a 76% accuracy rate, maintained an Equal-Weight rating but raised his price target from $72 to $90 on November 17. That's a 25% increase in his target, suggesting he sees room for upside even from his neutral stance.
Citigroup's Asiya Merchant holds the highest accuracy rate among this group at 87%. She maintained a Buy rating and bumped her price target from $81 to $110 on October 21. That's the most bullish target in this roundup and represents a significant 36% increase.
Evercore ISI Group's Amit Daryanani, with a 79% accuracy rate, kept his Outperform rating and lifted his target from $90 to $105 on October 20. Another solid vote of confidence from a reliable analyst.
Raymond James' Simon Leopold maintained an Outperform rating and increased his price target from $88 to $99 on October 17. With a 74% accuracy rate, Leopold sees roughly 12% upside from current levels.
Wells Fargo's Aaron Rakers rounds out the group with an 84% accuracy rate. He maintained an Overweight rating and raised his target from $80 to $100 on September 26, representing a 25% boost in his expectations.
What's notable here isn't just that analysts are bullish—it's that the most accurate ones are raising their targets heading into the print. That suggests confidence in the company's trajectory, though investors will want to see if management's guidance justifies the optimism when they report Tuesday evening.
