Pure Storage slides on first "sell" in 2 years as UBS turns bearish
** Shares of Pure Storage PSTG.N drop 5.2% to $62.12, about a 1-mth low, on Tues after UBS downgraded to "sell" from "neutral", saying data storage firm's valuation not justified given increased competition
** Stock on course for biggest one-day pct drop since Nov 30
** This is PSTG's first "sell"-rating in at least 2 years, per LSEG data
** UBS estimates rev growth of ~8% over next 5 years vs 16% growth the prior 5 years as PSTG's all-flash share should plateau ~15%
** Its flash market share has declined 80 bps to 14.5% over past 6 months as new offerings like NetApp's NTAP.O C-series have increasingly resonated with enterprise customers, UBS says
** PSTG's valuation has benefited from view that AI infrastructure investments will accelerate growth, UBS says, but posits AI-related storage spending will likely be slower than the market expects
** Still, UBS raises PT by $3 to $47
** Now, 15 of 21 brokerages rate PSTG "strong buy" or "buy", and the other 5 have "hold"; median PT of $72.50 up from $52 on Apr 2 - LSEG
** Even with session decline, PSTG's shares up 74% YTD
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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