Pure Storage (PSTG) shares tumbled 6.80% in pre-market trading on Thursday, following a series of price target adjustments from several prominent Wall Street analysts. The data storage company faced a challenging start to the day as investors reacted to the revised outlooks.
Among the notable changes, JP Morgan lowered its target price for Pure Storage from $75 to $70, while Barclays made a more significant cut, reducing its target from $61 to $57. These downward revisions suggest growing caution among analysts regarding Pure Storage's near-term prospects. Morgan Stanley maintained a Hold rating on the stock with a price target of $62, citing market uncertainties and potential leadership changes as areas of concern.
However, the picture wasn't entirely negative. Some analysts maintained a more optimistic stance, with Oppenheimer reiterating a Buy rating and setting a price target of $80. Additionally, BofA Global Research actually raised its price objective from $73 to $76, indicating a mixed sentiment among market watchers. Despite these positive notes, the pre-market plunge reflects investors' immediate concerns over the lowered price targets from major firms. As the market opens, all eyes will be on Pure Storage to see if it can recover from this early morning setback.
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