Pure Storage (PSTG) Stock Started With 'Equal Weight' Rating at Barclays

Pure Storage (PSTG) stock was initiated with an 'equal weight' rating at Barclays on Monday.
By Amanda Albright ,

NEW YORK (TheStreet) -- Barclays initiated Pure Storage  (PSTG) - Get Report  stock with an "equal weight" rating and $21 price target on Monday.

The Mountain View, CA-based flash enterprise storage company, which closed its initial public offering earlier this month, has had an impressive revenue growth trajectory, Barclays said.

Pure Storage benefits from a storage market that is increasingly shifting to flash-optimized solutions, the firm added. 

"Pure's emerging-growth model could exhibit growing pains related to new product cycles, competitive pressures, the parabolic channel build-out, or limited use case expansion opportunities - at a time when investors may be less forgiving due to global economic conditions," Barclays added. "There also is Pure's hefty cash burn relative to other disruptors."

Shares of Pure Storage were up by 3.09% to $18.17 in early-morning trading on Monday.

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