Pure Storage (PSTG) Stock Started With 'Neutral' Rating at Sterne Agee
NEW YORK (TheStreet) -- Sterne Agee initiated coverage on Pure Storage (PSTG) - Get Reportstock with a "neutral" rating on Wednesday.
The Birmingham, AL-based enterprise flash storage company went public in October.
Pure Storage can sustain its competitive advantage in the emerging All Flash Array market with its competitive pricing, Sterne Agee said.
Sterne Agee set a $20 price target on the stock.
"Yet, upside to the stock beyond $22-26 will necessitate a positive sentiment shift for on-premise Storage that has plagued its peer Nimble Storage's (NMBL) multiple over the last two years," the firm said.
Shares of Pure Storage were down 1.32% to $17.17 in mid-morning trading on Wednesday.
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