• Lake Street upgraded Pure Storage (NYSE:PSTG) to a "Buy" rating, raising the price target from $80 to $92.
• Pure Storage reported a 16% increase in revenue, reaching $964.45 million in the third quarter of fiscal 2026.
• The company has raised its fiscal 2026 outlook, reflecting strong demand for its storage and data management solutions.

Pure Storage (NYSE:PSTG) is a company that specializes in providing data storage solutions. It is known for its innovative approach to storage technology, offering products that cater to enterprise and hyperscaler customers. The company competes with other storage solution providers in the market, striving to deliver high-performance and reliable data management solutions.

On December 3, 2025, Lake Street upgraded Pure Storage's stock to a "Buy" rating, with the stock priced at $70.26 at the time. This upgrade came with an increased price target from $80 to $92, indicating confidence in the company's future performance. The upgrade reflects positive sentiment towards Pure Storage's growth prospects and market position.

In the third quarter of fiscal 2026, Pure Storage reported a 16% increase in revenue, reaching $964.45 million. This exceeded both management's expectations and the consensus estimate, showcasing strong demand from enterprise and hyperscaler customers. Despite this, the company's non-GAAP EPS of 58 cents slightly missed the Zacks Consensus Estimate of 59 cents, though it improved from 50 cents in the same quarter the previous year.

Pure Storage has raised its fiscal 2026 outlook after surpassing shipment goals and expanding its product ecosystem. The company continues to experience robust demand for its differentiated storage and data management solutions, even amid supply-chain pressures. This strong performance supports Lake Street's decision to upgrade the stock and raise the price target.

Currently, PSTG is priced at $71.01, reflecting a decrease of approximately 25.04% with a change of $23.72. The stock has fluctuated between a low of $69.06 and a high of $79.71 during the trading day. Over the past year, it has reached a high of $100.59 and a low of $34.51. With a market capitalization of approximately $23.23 billion, Pure Storage remains a significant player in the data storage industry.