Bank of America Upgrades Everpure Following Strong Performance and Strategic Shift
Everpure, formerly known as Pure Storage (PSTG) until its rebranding in February 2026, has seen a significant shift in investor sentiment after Bank of America upgraded the stock to Buy from Neutral. The upgrade was accompanied by an increase in the price target to $150 from $90, citing strong hyperscaler demand and market expansion as key drivers. Everpure reported second-quarter revenue growth of 38% year over year, reaching $1.19 billion for the quarter—its fourth consecutive period of accelerating sales. The company's product gross margin stood at 66.2%, while non-GAAP operating profit surged by 77%. Everpure is also seeing strong momentum in its subscription-based service, with Storage-as-a-Service contract value rising to $277 million and annual recurring revenue hitting $2.1 billion. The BofA upgrade follows similar positive ratings from Citi, Morgan Stanley, JPMorgan, Wedbush, Needham, Northland, TD Cowen, and Guggenheim in recent weeks. Everpure's stock closed up 5.92% at $108.90 on the day of the report and added another 1.93% after hours.
Topics: Bank of America Everpure flash storage revenue growth stock upgrade