Pure Storage shares climbed by as much as 6% Thursday, following a rating upgrade at Goldman Sachs.
Analysts at Goldman Sachs raised their rating on the all-flash data storage hardware/software company’s stock to buy from neutral.
Goldman also increased its price target on the shares to $21 from $18, according to Bloomberg.
Goldman cited Pure Storage ‘s potential to gain market share on the back of its new products and mid-market exposure. Goldman analysts also think that the stock is "relatively undervalued" compared to its peers. The analysts expect "potential for the multiple to re-rate in the future as execution gets better."