Wedbush upgraded Pure Storage (NYSE:PSTG) to Outperform from Neutral with a price target of $34.00, noting that the company continues to provide top-notch products as evidenced by its margins.

The firm further stated that the guidance provided by the management significantly reduces the risk associated with the outlook for the company, considering the prevailing macroeconomic weakness.

The company reported its Q4/23 last month, with EPS coming in at $0.53, beating the Street estimate of $0.38, while revenue of $810.2 million was below the Street estimate of $811.73 million.