Pure Storage plunges after Q3 results; JP Morgan and Citi cut PT

Shares of data storage company Pure Storage PSTG.N fall 15.3% at $80.49 premarket

Citi and J.P. Morgan both cut PT to $105 from $110 after Q3 results

Susquehanna downgrades stock to "neutral" from "positive"

Co's Q3 net income falls to $54 million, down from $63.64 million a year ago

JPM says that to participate in growth opportunities with hyperscalers, co is willing to engage in revenue models beyond royalties, which could drive a trade-off between revenue growth vis-à-vis gross margins in FY27

14 of 21 brokerages rate the stock "buy" or higher, 6 "hold" and 1 "sell"; their median PT is $100 - LSEG data

As of last close, PSTG up 54.2% YTD