BUZZ-Pure Storage plunges after Q3 results; JP Morgan and Citi cut PT

Reuters12-03
BUZZ-<a href="https://laohu8.com/S/PSTG">Pure Storage</a> plunges after Q3 results; JP Morgan and Citi cut PT

** Shares of data storage company Pure Storage PSTG.N fall 15.3% at $80.49 premarket

** Citi and J.P. Morgan both cut PT to $105 from $110 after Q3 results

** Susquehanna downgrades stock to "neutral" from "positive"

** Co's Q3 net income falls to $54 million, down from $63.64 million a year ago

** JPM says that to participate in growth opportunities with hyperscalers, co is willing to engage in revenue models beyond royalties, which could drive a trade-off between revenue growth vis-à-vis gross margins in FY27

** 14 of 21 brokerages rate the stock "buy" or higher, 6 "hold" and 1 "sell"; their median PT is $100 - LSEG data

** As of last close, PSTG up 54.2% YTD

(Reporting by Utkarsh Tushar Hathi)

((utkarshtushar.hathi@thomsonreuters.com))

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