Pure Storage price target cut to $40 from $45 at Wedbush, after company’s revenue warning

Pure Storage Inc.’s stock
PSTG,
-13.41%
was down 12.8% to $33.06 in midday trading Thursday, after the company issued fourth-quarter and 2024 revenue forecasts that missed Wall Street estimates. Wedbush analyst Matt Bryson cut his 12-month price target to $40 from $45 a share for Pure Storage. He reiterated an outperform rating on the company’s prospects for improved profit as it shifts to a software-as-a-service business model. “PSTG’s prospects remain solid,” Bryson said. Late Wednesday, Pure Storage said it expects fourth-quarter revenue of $784 million, below the $919 million FactSet consensus and fiscal 2024 revenue of $2.82 billion, below the analyst estimate of $2.96 billion.