Why Are Pure Storage Shares Trading Lower Tuesday?
Portfolio Pulse from Vaishali Prayag
Pure Storage Inc. (NYSE:PSTG) shares are trading lower on Tuesday after UBS analyst David Vogt downgraded the stock from Neutral to Sell, despite raising the price target from $44 to $47. The average price target from 27 analysts is $69.93, with estimates ranging from $47 to $80. Pure Storage shares were down 4.1% at $62.82 at the time of publication.
July 02, 2024 | 7:37 pm
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
Pure Storage shares fell 4.1% after UBS analyst David Vogt downgraded the stock from Neutral to Sell, despite raising the price target to $47. The downgrade contrasts with other analysts' more optimistic views.
The downgrade from a reputable analyst like UBS's David Vogt, despite a raised price target, signals caution to investors, leading to a short-term negative impact on the stock price. This contrasts with other analysts' more optimistic views, adding to market uncertainty.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100