Piper Sandler Raises Pure Storage (PSTG) PT, Keeps Overweight Rating

On May 29, Piper Sandler raised its price target on Pure Storage, Inc. (NYSE:PSTG) from $53 to $66 and kept an Overweight rating on the stock.

James Fish from Piper Sandler made the price target upgrade on PSTG after reviewing the company’s progress and its contract with Meta Platforms. Fish remains optimistic following the company’s strong Q1 FY2026 results, as Pure Storage surpassed both revenue and earnings estimates.

The company reported $778.49 million in revenue, surpassing estimates by $8.13 million and growing by more than 12% year-over-year. PSTG experienced robust growth in Storage-as-a-Service solutions, with Q1 TCV sales rising 70% to $95 million, fueled by large Evergreen/One deals. The company expects its Q2 revenue to be around $845 million, indicating a year-over-year growth of almost 10.6%.

Piper Sandler Raises PT on Pure Storage (PSTG) Stock, Keeps Overweight Rating

A technician in a lab coat analyzing the performance of a data intelligence service.

Fish sees Pure Storage’s engagement in two major proof-of-concept (PoC) projects to be key for the firm. Moreover, the company is successfully implementing VMware replacements across different strategies within its customer base. Pure Storage’s collaborations with leading companies such as Nutanix and Microsoft enhance its virtualization solutions, offering modern, scalable environments for high-demand workloads.

Pure Storage, Inc. (NYSE:PSTG) is a data management and storage company that is focused on delivering a disruptive data storage platform. The company supports different kinds of structured and unstructured data at scale and across any data workloads on-premises. Pure Storage also offers cloud and hosted environments, along with AI and machine learning data solutions.

While we acknowledge the potential of PSTG to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than PSTG and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure. None.