Pure Storage soars on forecast raise

Shares of data storage company Pure Storage PSTG.N soar 16.5% to $70.87 premarket

Company raises FY 2026 revenue forecast to between $3.60 bln and $3.63 bln, from $3.51 bln earlier

Piper Sandler says the forecast raise signals estimate upside and year-end acceleration, backed by strong Meta and cloud momentum.

"The market continues to underestimate the margin potential that the cloud deals can bring given this is perpetual software," Piper analysts say, while raising PT to $78 from $66

J.P.Morgan raises PT to $80 from $70

Q2 adj. EPS of 43 cents beats analysts' avg. estimate of 39 cents, Q2 revenue of $861 mln vs est. of $846.87 mln - data compiled by LSEG

14 out of 21 analysts rate the stock as "buy" or higher, six "hold" and one "sell"; median PT is $72.50 - data compiled by LSEG

Up to last close, shares down about 1% YTD