NEW YORK (TheStreet) -- Shares of Pure Storage (PSTG) - Get Pure Storage, Inc. Class A Reportwere gaining in mid-morning trade on Wednesday as Oppenheimer upgraded the stock to "outperform" from "perform" with a $15 price target.
"We're bullish on Pure's progress toward cash flow break-even and profitability, and its ability to capitalize on differentiated technology, AFA growth, and on expansion opportunities with new products, new customers, and internationality," the firm said.
Oppenheimer added that the Mountain View, CA-based enterprise data storage platform provider could experience a recovery and potential expansion within the next two to three quarters as its FlashBlade product comes up its production curve.
"We believe FlashBlade can more than double Pure's addressable market longer term, and we expect a fast ramp of the product starting in 2017 as its feature set and manufacturing lifecycle mature," Oppenheimer said.
The firm added that a list of customers is already available for FlashBlade.