Everpure forecasts 39%-45% fiscal 2028 revenue growth; analyst sees stock doubling

Shares of Everpure (formerly Pure Storage) rose 6.4% to $116.64 in premarket after the company at its analyst event backed fiscal 2027 revenue growth of 37%-38% and gave a preliminary fiscal 2028 outlook of 39%-45% revenue growth to $7-$7.3 billion. Wall Street had expected $6.5 billion. Adjusted operating income for fiscal 2028 is forecast at $1.7-$1.9 billion, 80%-100% growth from fiscal 2027. Guggenheim analyst Howard Ma said the company continues to outdo itself. Morgan Stanley raised its price target to $137 and set a bull case of $225, representing 105% upside from the prior close. The company cited AI and hyperscaler demand for its DirectFlash and Purity offerings. Its all-flash TAM is seen growing to $207 billion over four years.