11:30 AM EDT, 05/30/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We up our 12-month target to $77 from $67 on a P/E of 38x our FY 26 (Jan.) estimate, above peers, reflecting growth prospects and share gain. We lift our FY 25 EPS view to $1.70 from $1.60 and keep FY 26's at $2.02. PSTG posted Q1 EPS of $0.32 vs. $0.08, beating consensus by $0.11. Sales rose 18% to $693M, led by strength in subscription revenue (+25%) and product revenue (+12%) amid strong demand for FlashBlade solutions. With over 50% growth expected from storage-as-a-service offerings like Evergreen//One and Flex ($600M Total Contract Value), PSTG is firmly capitalizing on the AI growth cycle from GPU server farms to specialized inference storage and broader enterprise upgrades. Customer momentum was robust with 262 net additions (+12,500 total), showcasing increasing penetration across geographies. With strong net cash of $1.6B, we forecast $500M+ of free cash flow generation in FY 25, providing ample capital for valuations support and share buybacks.