Bank of America Upgrades Everpure to Buy Amid Strong Growth and Analyst Momentum
On August 27, Bank of America upgraded Everpure (PSTG) from Neutral to Buy and raised its price target significantly—from $90 to $150. The move followed the company’s strong second-quarter performance, including a 38% year-over-year revenue increase to $1.19 billion and expanding margins despite slowing unit sales. Analysts highlighted growing hyperscaler demand and an expanded addressable market as key drivers of confidence in Everpure's future. Everpure has been transitioning from hardware-focused storage solutions to data-intelligence services, including its subscription-based Storage-as-a-Service offering, which saw a 121% increase in contract value. The company’s non-GAAP operating profit surged by 77%, and recurring revenue grew significantly, indicating strong long-term demand despite slower near-term unit sales. The upgrade from BofA came after several other major Wall Street firms had already raised their price targets or upgraded the stock to buy-equivalent ratings in early August. Analysts across multiple institutions now see Everpure as a high-conviction growth story, with some setting new all-time highs for target prices.
Topics: Bank of America upgrade Everpure hyperscaler demand revenue growth